Auto exports fall 1.6 percent in first half

BURSA - Anatolia News Agency

Drop in Turkey’s car exports to Europe was cushioned by rising demand from Arab countries in first six months, according to figures by sector associations. AA photo

Turkey’s automotive exports to European countries fell overall in the first half of 2012, but auto exports to Arab countries were up.

According to the Turkish Exporters’ Assembly and the Union of Exporters of the Automotive Industry, automotive exports decreased nearly 1.6 percent between January and June in 2012 compared to the same period last year, totaling $10.04 billion. Exports registered a monthly drop of 9.1 percent in June, decreasing to $1.6 billion.

Exports to Europe were down by nearly 9.6 percent in the first half of the year, while Europe accounted about 70.8 percent of total exports in the same period.

Exports to Arab countries registered a significant increase, suggesting market diversification at a time when markets in Europe are locked in the financial crisis. Automotive exports in the first half of the year to Morocco were up 55.7 percent, to Tunisia 67.9 percent, to Iraq 117.2 percent, to Egypt 30.3 percent, to Libya 328 percent, and to Lebanon 29.9 percent.