11.08.2020 13:41
Machinery sector exports down 11.9% year on year in first 7 months of 2020.
Turkey's machinery exports reached $9.1 billion in the first seven months of 2020, down 11.9% year-on-year, an exporters' group said on Tuesday.
The machinery sector's exports in July were worth $1.5 billion, the same as the corresponding month last year, according to a statement by the Machinery Exporters' Association (MAIB).
Sector exports dropped 27% in the first quarter of 2020, the peak period of the COVID-19 pandemic, especially in Europe.
Turkey saw a fall of $600 million in sales to top machinery export destinations – Germany, the US, UK, Italy, and France – from January to July.
However, exports to Russia during the period rose 19%, according to the group.
Kutlu Karavelioglu, the group's head, said the global machinery trade had narrowed by 20%, while Turkey's machinery exports fell less than 12% in the seven-month period.
"If a second [coronavirus] wave doesn't happen, we may approach last year's figures in many sub-sectors," he said.
Turkey's overall exports stood at $15 billion in July and $90 billion in the first seven months of 2020, down 5.8% and 13.7% on a yearly basis, respectively, according to the Turkish Exporters' Assembly. -