“ With a volume of 1.9- billion euros ( 2022 ), Turkey is the tenth largest machine tool market in the world .”
Turkey , a transcontinental nation bridging Asia and Europe , has a large and relatively strong economy . It is classified as an upper-middle-income country by the World Bank and is a member of the G20 and the OECD , as well as an increasingly important donor of official development assistance ( ODA ).
“ Turkey ’ s economy is diversified with strengths in manufacturing , agriculture and tourism . However , it also faces challenges , including high inflation and external imbalances . Turkey has a mixed economy with a blend of modern industry and commerce alongside traditional agriculture . It ’ s characterised by a strong private sector , significant state involvement in key industries and an emerging market status ,” commented analyst , Focus Economics .
It also pointed out that Turkey boasts an economy with a GDP worth over US $ 900 billion and a population of more than 85 million . GDP growth in the decade to 2022 was rapid at above 5 % annually , and Turkey was one of the few large economies in the world to continue expanding in 2020 despite the COVID-19 pandemic .
Manufacturing and machine tools
BRIDGING TWO CONTINENTS
We highlight manufacturing and machine tool trends in Turkey , as well as the country ’ s economic outlook and partnerships for growth .
Image : Shutterstock . com .
“ According to the Otomotiv Sanayii Dernegi ( OSD ), passenger car production in Turkey grew by 3.6 % in 2022 over 2021 . The Turkish car manufacturing industry recorded total revenues of US $ 13.3- billion in 2022 , representing a compound annual growth rate ( CAGR ) of 17.9 % between 2017 and 2022 . However , industry production volumes declined with a CAGR of 6.2 % between 2017 and 2022 , to reach a total of 793.2 thousand units in 2022 ,” confirmed analyst ResearchandMarkets . com recently .
In 2021 , manufactured products made up an estimated 77 % of Turkey ’ s total merchandise exports . In the same period , manufactured products also made up 60 % of Turkey ’ s total merchandise imports . “ With a volume of 1.9 billion euros ( 2022 ), Turkey is the tenth largest machine tool market in the world . With its own production of more than one billion euros , the state also plays an important role as a manufacturer . Almost 90 per cent of demand was nevertheless imported from abroad . Germany is the country ’ s third most important import partner . In 2022 , the German machine tool industry exported machines ( including parts and services ) worth over 240 million euros to Turkey ,” confirmed the VDW ( German Machine Tool Builders ’ Association ) in Germany .
Turkey itself is one of the world ’ s most important production locations for machine tools
“ Turkey itself is one of the world ’ s most important production locations for machine tools . In 2022 , the country manufactured machines with a total value of exactly 1.0 billion euros ( 29 per cent more compared to the previous year ). In terms of production volume , it ranked 12th in the world . The Turks are particularly well represented in the manufacture of forming and cutting tools . This technology segment accounts for 68 per cent of the production value ( approx . 683 million euros ). The remaining 32 per cent ( approx . 317 million euros ) is accounted for by metal-cutting technology ,” it continued .
In terms of exports , added the VDW , the Turkish machine tool industry is heavily geared towards overseas trade . Its export volume in 2022 was around 784 million euros ( an increase of 34 per cent compared to the previous year ). This meant that almost 80 per cent of domestic production was destined for sale overseas .
In 2022 , Turkish companies again imported machine tools with a total
32 | ismr . net | ISMR July / August 2024