ISTANBUL

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

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

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

“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,” said the president of the Maib, Kutlu Karavelioglu.

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, 5-fold higher than Türkiye’s overall average.

“The fact that the decline in Türkiye’s exports remained at the level of %0.9 in the last 12 months, when interest rates reached their peak worldwide, is positive, and this data shows our international competitiveness,” Karavelioglu concluded.

After Germany and Russia, the sector recorded an %11.1 increase in the US, which is the largest export destination.

*Writing by Sahika Malkoc from Istanbul