Machinery exports reach $7B in five months

DAILY SABAH WITH AA
ISTANBUL
Published 05.06.2018 22:37

While Turkey achieved the highest monthly figure of all time for exports in May, the machinery sector increased its total exports to $7 billion in the first five months of the year.

According to a statement released by the Machinery Exporters' Association, the machinery sector achieved an increase of 24 percent, reaching $7 billion in exports and raising its share in the country's total exports to 10.3 percent.

Machinery Exporters' Association Chairman Kutlu Karavelioğlu noted in the statement that they achieved growth rates ranging from 20 percent to 30 percent in the leading markets of the machinery sector, such as Germany, the U.S., the U.K. and Italy. "There is an intense interest in Turkish machinery in this period when investments in machinery and equipment are being given importance again. Our exports to Germany have already exceeded $1 billion. The increase in exports to strategic markets like Russia has reached 58 percent," he added. Karavelioğlu pointed out that one of the most important data observed was the increase in unit prices in this period, even as the sector has experienced an increase in demand, stressing that while the volume-based increase in machinery exports stood at 10 percent, the value-based increase had reached 24 percent.

"In this period when we see the effects of fluctuations in the exchange rate, the unit price per kilogram rose from $5.9 to $6.4. This increase of about 10 percent is a very positive indicator," he continued. "We believe that we will achieve the target of $18 billion in machinery exports at the end of the year in collaboration with all our subsectors," he concluded.

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