Turkey’s machinery sector exports surged by 23.3% to USD 23bn in 2021, compared to the previous year, according to the Machinery Exporters’ Association (MAIB).
The sector’s exports also rose by 18.3% versus the pre-pandemic year of 2019.
“The volume of orders shows that the Turkish machinery sector’s market share in the European Union and the U.S. will continue to expand,” said the MAIB Chairman Kutlu Karavelioglu.
“The sector, which has started to easily exceed the USD 2bn level in monthly exports, can target the USD 27bn level for 2022,” Karavelioglu noted.
Stressing that the machinery production costs surged by 13.8% in December monthly and by 45.8% year-on-year, Karavelioglu said increasing costs wouldn’t be enough to weaken the sector’s competitive power.
As one of the sectors exceeding the USD 20bn level in exports, the machinery sector’s exports to both Germany and the U.S. surpassed USD 4bn, each, while it reached the USD 1bn level to major European countries such as the UK, Italy, and France.