Türkiye’s machinery exports reach $20.7B in first 9 months of 2024

Türkiye’s machinery exports, including those from free trade zones, amounted to $20.7 billion in the first nine months of 2024, marking a 1.5% decrease compared to the same period last year, according to the Machinery Exporters’ Association (Turkish Machinery).

The total machinery exports over the past 12 months also saw a decline of 1.7%, amounting to $28 billion.

Key sectors and export markets

In the January-September period, the largest contributions to Türkiye’s machinery exports came from domestic and industrial cooling machinery and internal combustion engines and parts, both totaling $2 billion each.

Sub-sectors such as turbines, jets and hydraulic cylinders saw a 25% increase, while textile and apparel machinery exports grew by 19%.

Germany remains the top destination for Türkiye’s machinery exports, followed by Russia and the United States.

Inflation’s impact on manufacturing sector

Kutlu Karavelioglu, President of the Machinery Exporters’ Association, emphasized the challenges the industry faces because of global economic conditions, including high inflation and stagnating demand in global industrial production.

Karavelioglu also highlighted that the machinery sector, with its high domestic value and skilled workforce, is one of the industries most affected by inflation.

Machine imports and sector outlook

Machine imports over the last 12 months reached $44.5 billion, a slight decrease of 0.2%. Karavelioglu stressed the need to curb imports to sustain production and exports while maintaining skilled labor.

Despite global challenges, the sector is expected to close in 2024 with a 2.5% increase in global trade.