Turkiye’s machinery exports increased by 9.9% in the first 10 months of the year compared to the same period of 2022, reaching $23.4 billion.
According to the statement made by the Machinery Exporters’ Association (MAIB), the exports of the machinery manufacturing industry reached $23.4 billion when free zones were included in the January-October period of this year.
The sector, whose exports decreased by 6.6% on a quantity basis, increased its revenues by 9.9% with the effect of the 18% increase in the average export per kilogram.
Kutlu Karavelioglu, President of the Machinery Exporters’ Association, who included his evaluations on the subject in the statement, stated that after the rapid growth after Covid-19, they started to feel more the effects of the tight monetary policies that have been gradually put into effect for 1.5 years in the fight against global inflation.
Noting that the economic slowdown that started in the third quarter dominated the whole world, Karavelioglu explained that new interest rate increases in developed countries and war conditions in the Middle East were added to these conditions, and that the results of these developments, which accelerated in October, will be seen more clearly when the last quarter data arrives.
Noting that they managed to increase exports by 10% in 10 months despite global interest increases and stagnation, Karavelioglu said, “We had a promise to the public to stay above the world average at all times and under all circumstances, whether global machinery exports were decreasing or increasing. We are proud to keep our promise on the 100th anniversary of our Republic.”
“Europeans count us among the successful examples of green transformation”
Kutlu Karavelioglu pointed out that the European Union, Turkiye’s largest export market, is the group of countries most affected by global geopolitical developments.
Karavelioglu noted that the EU, stuck between the polarization of the USA and China, is looking for a solution in solution proposals that will maintain its industrial and economic sovereignty, and gave the following information:
“The EU, which aims to increase investments, cooperation and trade with developing economies, especially African countries, requires businesses to comply with the EU Green Deal. We hope to get a good share of these funds created for the Green Deal. Because many European officials we interviewed count Turkiye’s machinery manufacturers among the successful examples of the best preparation in the region. The trust in us in the region, where recession expectations and economic contraction expectations are currently increasing, makes us hopeful for a commercial activity that is likely to start in the middle of 2024.”
Source: Trthaber / Prepared by Irem Yildiz