Türkiye to Double Machinery Exports in 5 Years

The machinery sector was one of three industrial groups that increased its exports the most in 2018. Pointing out that the sector, which managed to increase its exports by 15.5%, reached total exports of USD 17.1 billion, Kutlu Karavelioğlu, Chairman of the Machinery Exporters Association, stated, "Together with China, we are one of the two countries that increased machinery exports the most globally. Reaching this growth rate in a technology-focused sector is not a commonly seen success. 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. The machinery sector, which accounted for 10.1% of Turkey's total exports in 2018, increased the ratio of exports to imports to 64%. The sector, which conducts 60% of its exports to the European Union and the USA, also reached average unit prices of USD 6.1 per kilogram. Karavelioğlu noted that they quadrupled the global machinery export growth rate last year and emphasized the following: "Since 2001, we have increased our machinery exports tenfold. Through the work we carried out last year, we succeeded in minimizing the negative effects of economic fluctuations. By trusting in our technology, we prevented importing countries from turning exchange rate differences to their advantage and protected the brand strength of Turkish machinery without reducing our unit prices. Through our investments in advanced technology and innovation, we will further enhance the brand perception of our machinery."