- August 21, 2014
Turkey‚Äôs machinery exports, which were USD 3.0 billion in 2003, reached USD 14 billion in 2013. Turkey is now poised to enter the US market and is looking for partners.
August 21, 2014 - Adnan Dalgakƒ±ran, President of the Board at Turkish Machinery said “with rapid development, Turkish Machinery sector is increasing its export share in the Turkish economy and exports. Turkey’s machinery exports, which were USD 3.0 billion in 2003, have reached USD 14 billion in 2013. The ratio of exports to imports in the machinery sector has gone up from 29% to 45% in the last 10 years.”
According to Dalgakƒ±ran, “Turkey currently exports into more than 200 countries and is already expanding into Latin America. Significant cooperation opportunities exist for both the US and Turkey at this time.” By participating in this international trade event as well as targeted advertising, “Turkish Machinery aims to expand awareness about the quality as well as the recent technological developments in their machinery sector and the benefits of a strategic joint US-Turkey partnership.” The Turkish machinery industry is growing exponentially due much in part to a very strong partnership already existing with Germany and the Netherlands. Dalgakƒ±ran, ‘‘Given the success in the German market and the knowledge gained from this relationship, Turkey is now poised to enter the US market and ready to build an equally profitable partnership.’’ Given their rapid growth, enormous potential now exists for the US market in terms of shared technology and joint projects in research and development, increased marketing opportunities, brand purchases, as well as shared technical training and expertise. Dalgakiran went on further to state that, “with an improved mutual understanding and awareness, economic and commercial opportunities abound for both countries. Turkey is a rapidly growing market and has shown consistent stable growth in the manufacturing and machinery sector. Its proximity to developing countries also makes it highly attractive to the US since its strategic location allows for strong economic and trade relations with many countries. It has a young, dynamic, creative and affordable highly skilled workforce and a strong infra-structure with increasing tools for government sponsored financial support. It has shown rapid adaptation to international manufacturing standards and has the highest quality of machinery equipment. It has a strong domestic supply of raw materials. Turkish foreign trade is equally on the rise. Exports, which were 47billion USD in 2003, rose to 152billion USD in 2013. The Machinery and accessories industry accounts for most of this growth, having almost doubled its production in this sector in the past ten years. Turkey is the sixth largest manufacturer of machinery in Europe and is preferred by leading countries throughout the world. Turkish machinery exports comprise an average annual growth of 20%, while imports have shown an average annual growth of 15% in the last decade. Due in part to their strategic partnership, Germany and the Netherlands account for the largest shares of this expansive growth. US currently has a 4.8% share in Turkish machinery exports and imports roughly 4%. With the American manufacturing industry once again on the rise, there are many opportunities surfacing for a joint partnership and joint growth at this time.Learn More
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