Shipbuilding industry exports reach $1 billion

Shipbuilding industry exports reach $1 billion

Shipbuilding industry exports reach $1 billion

Turkey exported $1.04 billion worth of yachts and ships last year, marking a 5.2 percent increase from 2018, according to data from the Turkish Exporters’ Assembly (TİM).

Norway was the main export market as deliveries to this country amounted to $370 million, nearly doubling from the $185 million in revenues in 2018.

The Marshall Islands and Malta were the second and third largest markets with $84.3 million and $77.3 million, respectively.

Yacht and ship sales to France and Hong Kong amounted to $56.7 million and $48.3 million, respectively, according to TİM data.

Deliveries to Hong Kong soared around 375 percent in 2019 compared with 2018.

Singapore was another important market for local shipbuilders as their sales to the city state stood at $38.8 million.

Local companies sold yachts and ships to a total of 136 countries, including the U.S, Mexico, the Seychelles, India and Oman, in 2019.

In December alone, yacht and ship exports jumped 188 percent on an annual basis to $111 million.

The yacht and shipbuilding industry’s share in Turkey’s total exports stood at 0.7 percent in December and at 0.6 percent for the entire 2019, according to data from TİM.

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