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Turkey’s Automotive Exports Record 13.8 Pct Increase in July, Hit $2.7 Billion #TurkeyEconomy

Turkey’s Automotive Exports Record 13.8 Pct Increase in July, Hit $2.7 Billion <a class="hashtagger" href="https://sigmaturkey.com/tag/turkeyeconomy/">#TurkeyEconomy</a>

Turkey’s automotive exports in July stood at $2.7 billion, with an increase of 13.8 percent compared to the same month last year.

According to the June data of Uludağ Automotive Industry Exporters’ Association (OİB), the sector’s exports increased by 14.4 percent in the January-July period, reaching $19.2 billion.

Exports of passenger cars increased by 7 percent to $7.7 billion in the January-July period, compared to the same period of the previous year.

The automotive subindustry exports rose by 22 percent, exports of motor vehicles for goods transport by 15 percent, while bus-minibus-midibus exports rose by 6 percent.

In terms of products group, the automotive sub-industry exports increased by 22 percent to $913 million, while passenger car exports surged by 5 percent to $1.1 billion, motor vehicle exports for goods transport by 11.5 percent to $487 million, and midibus exports went up by 17 percent to $157 million.

In July, exports to the U.K. increased by 30 percent, followed by France with 36 percent. Exports to the U.S., on the other hand, declined by 31 percent. Exports to Germany, the leading market for the automotive subindustry, increased by 9 percent, while exports to Italy rose by 18 percent, followed by France with an increase of 48 percent, Romania with 20 percent, the U.S. with 45 percent and Russia with 42 percent.

Meanwhile, in bus-minibus-midibus exports, there was an increase of 42 percent in exports to France. But Germany, another important market in this respect, experienced a decrease of 6 percent, while other leading markets in this product group, Italy, the U.K. and Spain showed an increase of 75 percent, 102 percent and 77 percent, respectively. On a country-by-country basis, the largest market in July was Germany with $394 million in exports, with an increase of 12 percent. It was followed by the U.K. with $352 million. Exports to France, the third-largest market for Turkey, increased by 36 percent to reach $322 million. Exports of passenger cars to the U.K. rose by 39 percent while export of motor vehicles for goods transport to the country increased by 16 percent.

Passenger car exports to France, on the other hand, increased by 39 percent and exports in the automotive sub-industry rose by 48 percent. In July, while there was an increase in exports to key markets – Slovenia by 42 percent, Poland by 23 percent, Romania by 24 percent, Hungary by 74 percent, and Russia by 29 percent, exports to Spain dropped by 11.5 percent, to the U.S. by 31 percent, to Israel by 14.5 percent and to Iran by 45 percent.

The increase in exports to Slovenia was affected by the 58 percent increase in motor vehicle exports along with the increase of 26 percent in passenger cars. In Spain, a 61 percent drop in exports of motor vehicles for goods also affected the overall decline. Exports to the European Union countries, the largest market in country groups, rose by 15 percent to $2.2 million with a share of 79 percent in exports. With regards to the alternative markets, African countries showed an increase of 50 percent, while exports to North American Free Trade Zone fell by 20 percent.

Published in https://www.dailysabah.com/automotive/2018/08/07/turkeys-automotive-exports-record-138-pct-increase-in-july-hit-27-billion

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