Turkey exported machinery worth $10.4 billion in the first eight months of 2020, down 10.6% on a yearly basis, a sector association said Tuesday.

It was among the countries that managed the coronavirus pandemic best in the world, with the global machinery trade narrowing by 19% in the first half, said Machinery Exporters' Association head Kutlu Karavelioğlu.

"By the end of the year, the losses in the world machinery trade will reach $500 billion as the market has shrunk significantly. But the Turkish machinery sector will keep its losses at a minimum level," he said.

In August, Turkey's machinery sector made exports worth $1.3 billion, he added.

Karavelioğlu said Turkey's machinery industry outperformed its global competitors regardless of the conditions. "The numbers are proof of our international competitiveness."

"However, we do not find these data alone sufficient," he said. The association believes that the country's machinery manufacturers should utilize limited foreign exchange resources efficiently by making maximum use of their current production capacity.

The export volume of Turkey's main export destinations – Germany, the U.S., the U.K., Italy and France – narrowed by 19% and their import volume fell by 16%, he noted.

Karavelioğlu said Turkey exports machinery to 200 countries and the sector is always increasing its technological competition by increasing the quality of engineering.

Still, one-third of Turkey's total capacity is idle, he said.

In the first eight months of this year, Turkey's overall exports were $102.5 billion, down 12.8% compared to the same period of last year.

Several sectors, such as tourism and manufacturing, have been facing severe challenges amid the pandemic due to countrywide lockdowns to stem the spread of the coronavirus.