Production in the Turkish machinery sector reportedly has more than doubled within last 10 years.
With its rapid development and the potential it has, the Turkish Machinery Sector is a sector increasing its share in the Turkish economy and exports. The share of Turkish machinery export is 9,3 % in Turkey’s total export.
Machinery is the secondary largest sector in Turkey’s export.
Turkey exports to more than 200 countries, including free zones.
With an avarage annual growth rate of 15% over the last 5 years, Turkish machinery export has taken the third place in rank of the world export increase.
Over the last 5 years, the highest increase was realized in Turkish machinery sector where the machinery export has achived 67% increase.
Over the last 12 years, machinery export has increased 7 fold.
About % 60 of the Turkish export is to EU and USA.
Industrial Machinery Export During the Pandemic
By the year 2023, Turkish machinery aims to double their share within Turkey’s total export.
Turkey’s machinery exports reached $17.1 billion in 2020, marking a decrease of just 4% despite the novel coronavirus pandemic.
The machinery sector increased its performance by 17.5% in December of 2020 and 9% in the last quarter.
Machinery manufacturers are reported to have sent 3.1 million tons of goods to more than 200 countries in 2020.
Germany, the US and UK were the top countries that received Turkish machinery exports.
Due to the intensive international connections during the quarantine period, the exports to these three countries increased by 21% in the last quarter of 2020.
Exports to Russia, in particular, have increased on 22% reportedly.
With the support of the increasing technology level and competitive prices, the exports were managed to stop the decline at a level of 4%. during the global lockdown.
While small and medium-sized machine manufacturers in the EU were paralyzed, Turkey increased the market share in many major economies, including export of the industrial machines.
The Turkish machinery industry stepped up production in 2020 by 7%, even as the machinery production had shrunk 5% worldwide.
Together with that the lobal economic forecasts support the expected rise in the industry’s performance in 2021.