Machinery exports reaches $15.8 billion in 7 months

Türkiye's total machinery exports, including free zones, amounted to $15.8 billion in the January-July period, according to the Machinery Exporters Association (MAİB) on Monday.

The decline of 2.2 percent compared to the same period last year was calculated as 0.9 percent for the exports in the previous 12 months, which reached $27.8 billion.

Achieving an increase of 10.4 percent in July compared to the same month of the previous year, the sector closed the gap arising from the decline in June with this recovery.

"In an environment where elections, climate-related crises, and frequently violent conflicts increase uncertainties, it is natural to be concerned about recession as the expected interest rate cuts by central banks are delayed," MAİB President Kutlu Karavelioğlu said.

In this period of global recession concerns, machinery manufacturers, which approached the previous year's data, increased their average exports per kilogram to $7.4, fivefold higher than Türkiye's overall average.

"The fact that the decline in Türkiye's export was limited to just 0.9 percent over the past 12 months, despite global interest rates peaking, is a positive development and demonstrates our international competitiveness." Karavelioğlu concluded.

After Germany and Russia, the sector recorded an 11.1 percent increase in the U.S., which is the largest export destination.