Turkish automotive exports remain robust despite global headwinds

Turkish automotive exports jumped to $2.65 billion (TL 49.21 billion) in October, industry data showed on Sunday, in an increase that comes despite global headwinds dominated by talks of recession and surging inflation.

Exports increased by 1.8% year-over-over last month, the Uludağ Automotive Industry Exporters’ Association (OIB) said in a statement. At 12.4%, the industry held the largest share of Türkiye’s overall exports.

Foreign sales were up about 5% from a year ago in the January-October period to some $25 billion, the data showed.

“Our automotive exports continue to increase” despite the growing global recession risks, contraction in the eurozone, the industry’s largest market, and surging inflation, OIB Chairman Baran Çelik said.

The supply industry, tractors, buses, minibusses and midibuses all saw a double-digit increase in sales in October, Çelik said. The supply industry topped exports with $1 billion worth of sales, a 13% year-over-year increase.

Çelik said exports to top markets such as Germany, Belgium and Russia also registered double-digit increases in the month.

Sales to Germany were up 15% year-over-year in October to $404 million, while those to the United Kingdom rose 9% to $285 million, the data showed. Exports to France were down 12% to $252 million.

Sales to Belgium, Russia, Romania and Portugal increased by 32%, 23%, 21% and 79%, respectively.

The Daily Sabah Newsletter

Keep up to date with what’s happening in Turkey,
it’s region and the world.

You can unsubscribe at any time. By signing up you are agreeing to our Terms of Use and Privacy Policy.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Read More: Turkish automotive exports remain robust despite global headwinds

2022-11-06 06:15:52

Notify of
Inline Feedbacks
View all comments

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More