The import value of parts for refrigerating or freezing equipment to Turkey has seen a significant decline from 2013 to 2023, decreasing from 90.405 million USD in 2013 to 51.089 million USD in 2023. This represents a compound annual growth rate (CAGR) of approximately -6.04% over this 10-year period. The decline was pronounced in the earlier years, particularly with substantial drops in 2014, 2015, and 2020.
Year-on-year variations reveal some volatility, with notable decreases observed in 2014 (-18.81%), 2015 (-15.4%), and 2020 (-18.08%). However, increases were also seen, most significantly in 2021 (21.31%). Over the past two years, the import value has stabilized somewhat, with a smaller year-on-year decrease of 1.27% in 2023.
Looking ahead, forecast data suggests a gradual decline in imports, with a CAGR of -1.1% expected over the next five years, culminating in a projected import value of 47.721 million USD by 2028. The overall growth rate is expected to decline by 5.4% during this period.
Future trends to watch for include potential impacts of technological advancements in refrigerating equipment, shifts in global trade policies, and currency exchange fluctuations which could influence import costs. Additionally, domestic production capabilities and market demand within Turkey could further shape import trends in this sector.
