As per the consolidated data released by Turkey’s Machinery Exporters’ Association (MAİB), the nation’s machinery manufacturing sector, encompassing free zones, achieved exports of $21 billion by the close of this year’s third quarter.

Based on this data, Turkey’s machinery exports, inclusive of its free zones, surged by 10.1% compared to the same timeframe the previous year, amounting to $21 billion. While there was a 6.6% decline in quantity-based exports, revenues saw a boost, thanks largely to an almost 20% rise in the average per kg export value. The lion’s share of exports was directed towards Germany, Russia, and the USA.

Kutlu Karavelioğlu, the Chairman of the Machinery Exporters’ Association, expressed satisfaction. Despite ongoing global economic sluggishness and a downturn in their core export markets, they successfully breached the $20 billion benchmark as the last quarter commenced. This achievement, he noted, was primarily attributable to technological advancements in machinery. He highlighted Turkey’s remarkable resilience, given it is sandwiched between two engulfing global conflicts.

Kutlu Karavelioğlu, the Chairman of the Machinery Exporters’ Association

Karavelioğlu commented on the challenges the global economy grappled with in the initial three quarters, identifying soaring interest rates coupled with the burdens of costly energy, inflation, and a downturn in industrial orders as primary culprits. He remarked, “As we are striving to foresee decisions of developed nations’ central banks and their ramifications on economic pursuits and investments, we are met with the onset of a fresh conflict in our immediate vicinity. It is challenging to predict the repercussions of Middle Eastern uncertainties in a scenario where escalating interest rates decelerate demand, subsequently curtailing machinery investments and instigating a global economic slowdown.”