Turkish machinery sector to keep its losses due to pandemic at minimum level, says head of sector association
Turkey made $10.4 billion worth of machinery exports in the first eight months of 2020, down 10.6% on a yearly basis, a sector association said on Tuesday.
TURKISH MACHINERY SECTOR WILL KEEP ITS LOSSES AT THE MINIMUM LEVEL
Turkey was among the countries that managed the novel coronavirus pandemic best in the world, with the global machinery trade narrowing by 19% in the first half, said Kutlu Karavelioglu, the head of the Machinery Exporters’ Association.
“By the end of the year, the losses in the world machinery trade will reach $500 billion as the market has shrunken significantly. But, the Turkish machinery sector will keep its losses at the minimum level,” he noted.
Its main export destinations’ — Germany, the US, the UK, Italy and France — export volume narrowed by 19% and imports by 16%, he noted.
In the first eight months of this year, Turkey’s overall exports were $102.5 billion, down 12.8% versus the same period last year.