International buyers turn to Turkey amid coronavirus outbreak
Turkey’s machinery exports rose 5.2% in January-February as international buyers turned to the country due to coronavirus, according to an exporters group on Tuesday.
The country’s machinery exports hit $2.9 billion in the first two months of this year, the Machinery Exporters’ Association (MAIB) said in a statement.
Kutlu Karavelioglu, the group’s head, said: “Medium-term transition will affect manufacturers in Turkey.”
He underlined the sector’s exports to Germany, the U.S., Italy and France increased in the last two months as the coronavirus outbreak slowed down economic activity globally.
“The machinery exports to Russia jumped 45% and it is likely to continue rising,” he added.
Investors world over are panicking over the economic impact of coronavirus which has resulted in closure of factories, big shifts in stock markets, and travel restrictions.
At least 110 countries have confirmed cases of the virus which has caused more than 4,000 deaths globally, according to the World Health Organization.
So far, Turkey has not reported any case of coronavirus, according to health officials.