Türkiye exports machines worth $12.5B in H1

By Gokhan Ergocun

ISTANBUL (AA) - Türkiye's machinery exports reached $12.5 billion during the first half of the year, with an annual increase of 7.9%, sectoral data showed on Friday.

According to a press release from the Machinery Exporters' Association, Germany, the US and Russia were the main destinations for Türkiye's machinery exports in the January-June period.

Kutlu Karavelioglu, head of the group, said the slowdown in the euro area has not yet been reflected in machinery and equipment investments as expected but businesses in the region have started to become more fragile with the effects of the COVID-19 pandemic and the Russia-Ukraine war.

He added: "With the tightening policy of the EU after the US, machinery and equipment investments in the West may slow down significantly."

Touching on a possible recession which will have negative effects on the Turkish machinery exports, he said if the sector will continue to grow by 10%, it can close the year with the export target of $27 billion.