Turkey’s car industry hits highest monthly export figure since 2008

The sector made exports worth $2.1 billion in June, a nine percent increase from the same month of 2015, according to data from the Automotive Industry Exporters Association (OİB). 

This was the highest monthly figure since July 2008, according to the report. 

OİB President Orhan Sabuncu said it is very likely that the sector will reach its yearend export target of $23 billion. 

The automotive sector, which takes a share of 18 percent in Turkey’s exports, made $11.7 billion worth of exports in the first half of the year with a 12 percent increase from the same period of 2015. 

Turkey’s car exports to its main market Germany surged to $330 million in June, a 15 percent increase compared to the same month of 2015. 

The sector’s exports to its second and third largest markets, Italy and France, rose by 54 percent and 3 percent respectively, hitting $508 million in total in June from the same month last year. 

While Turkey’s automotive exports to Spain increased by 40 percent and to Iran by 118 percent, its exports to Britain fell by 19 percent, to Russia by 37 percent, and to the U.S. by 51 percent. 

The automotive sector was the country’s biggest export market in 2015 with exports worth around $21.3 billion, despite a 4.8 percent drop compared to 2014, according to data from the Exporters’ Assembly of Turkey (TİM).