Machinery exports hit $17.1 bln in 2020

Machinery exports hit $17.1 bln in 2020

ANKARA- Anadolu Agency
Machinery exports hit $17.1 bln in 2020

Turkey's machinery exports reached $17.1 billion in 2020, marking a decrease of just 4% despite the novel coronavirus pandemic, an exporters group said on Jan. 20. 

The machinery sector increased its performance by 17.5% in December and 9% in the last quarter, said the statement by the Machinery Exporters' Association (MAIB).

"Machinery manufacturers sent 3.1 million tons of goods to more than 200 countries last year," said Kutlu Karavelioğlu, the president of the MAIB.

Germany, the U.S. and U.K. were the top countries that received Turkish machinery exports, he said.

"As a result of our connections during the quarantine period, our exports to these three countries increased by 21% in the last quarter of 2020."

Exports to Russia, in particular, rose 22%, according to the body.

"Last year, when global trade contracted, we managed to keep the decline in exports more limited.

"With the support of our increasing technology level and competitive prices, we were able to stop the decline at a level of 4%."

While small and medium-sized machine manufacturers in the EU were paralyzed, we increased our market share in many major economies, he said.

Karavelioğlu argued that the global liquidity abundance and low interest rates would contribute to new machinery investments this year, especially in productivity-enhancing modernization projects.

"In the U.S., the restriction of protectionist policies and expectations for the transition to a green economy will accelerate the renewal of existing machine parks," he predicted.

The Turkish machinery industry stepped up production in 2020 by 7%, even as machinery production had shrunk 5% worldwide he said, underlining that this was a sign of great momentum.

He also added that global economic forecasts also supported the industry's performance in 2021.