Türkiye’s total machinery exports, including free zones, reached $15.8 billion (TL 532.98 billion) in the first seven months of this year, according to the figures released by a sector association on Monday.
The decline of 2.2% compared to the same period last year was calculated as 0.9% for the exports in the previous 12 months, which reached $27.8 billion, the Machinery Exporters Association (MAIB) said.
Achieving an increase of 10.4% in shipments in July compared to the same month of the previous year, the sector managed to close the gap arising from the decline witnessed in June.
"In an environment where elections, climate-related crises and frequently violent conflicts increase uncertainties, it is natural to be concerned about recession as the expected interest rate cuts by central banks are delayed,” said MAIB President Kutlu Karavelioğlu.
In this period of global recession concerns, machinery manufacturers, which approached the previous year's data, increased their average exports per kilogram to $7.40, fivefold higher than Türkiye’s overall average.
"The fact that the decline in Türkiye’s exports remained at the level of 0.9% in the last 12 months when interest rates reached their peak worldwide is positive, and this data shows our international competitiveness,” Karavelioğlu concluded.
The sector achieved an increase of 11.1% in shipments to the U.S., to which it exports the most after Germany and Russia.
