Turkey's Machinery Exports Target Twofold Increase Over 5 Years

In 2018, Turkey's machinery sector became one of the three industrial groups that increased exports the most. Kutlu Karavelioğlu, Chairman of the Machinery Exporters Association, emphasized that the sector achieved a 15.5% increase in exports, bringing total exports to USD 17.1 billion. Karavelioğlu stated, "Together with China, we are one of the two countries that increased machinery exports the most globally. It is not a common achievement for a technology-focused sector to reach this rate of growth. By maintaining our annual growth rate of around 15%, we aim to double our exports within 5 years and reach USD 34 billion in 2023," he said. Turkey's machinery sector generated 10.1% of the country's total 2018 exports, while raising the export-to-import coverage ratio to 64%. The sector, which conducts 60% of its exports to the European Union and the United States, achieved average unit prices of USD 6.1 per kilogram.

Machinery Exports Increased Tenfold Since 2001

Karavelioğlu, noting that they quadrupled the global machinery export growth rate last year, stated: "Since 2001, we have increased our machinery exports tenfold. Through our efforts last year, we managed to minimize the negative effects of economic fluctuations. By trusting in our technology, we prevented importing countries from taking advantage of exchange rate differences and maintained the brand strength of Turkish machinery without lowering our unit prices. Through our investments in advanced technology and innovation, we will further strengthen the brand perception of our machinery."