Turkish machinery sector focuses on U.S., Russian markets
Turkey’s machinery sector is focusing on the U.S and Russian markets as the growth in the eurozone is experiencing a slowdown, the head of the Machinery Exporters’ Association (MAIB) said. The sector exported machinery worth $11.6 billion in the first eight months of this year, Kutlu Karavelioglu noted in a statement. The sector’s export volume surged 13.8 percent year-on-year to two million tons during the January-August period. “The U.S.’s additional taxes on Chinese products create opportunities for Turkish machinery exporters, considering 30 percent of the U.S. 16.5 percent share in global machinery imports is from China,” Karavelioglu added. MAIB will conduct a study looking at introducing Turkish machinery brands in the U.S. and it will make efforts to raise exports to the U.S. from $1.3 billion to $2 billion annually. Meanwhile, the sector’s exports to Russia rose by 21 percent during the first eight months to reach $308 million, he said.