Automotive exports rise to $2.9 billion

BURSA

Turkish carmakers increased their exports by 13.7 percent in November from a year ago to $2.87 billion, data from the Uludağ Automotive Industry Exporters’ Association (OİB) have shown.

The share of the automotive industry in Türkiye’s overall export revenues was 13.2 percent.

The country’s exports stood at $21.85 billion last month, rising 1.9 percent from a year ago.

The supply sector’s exports amounted to $1.15 billion, rising 12 percent compared with November 2021, while passenger car exports increased by 2 percent on an annual basis to $847 million. The sales of bus, minibus and midibus to foreign markets recorded a 33 percent increase from a year ago to $207 million.

Despite the 2 percent decline in exports to $387 million, Germany was still the largest market for local carmakers. Sales for France grew 2 percent to $296 million, while exports to Italy, the third largest market, soared 49 percent year-on-year to $270 million.

Exports to the U.K, the U.S., and Russia, other major markets for the Turkish automotive industry, grew by 10 percent, 28 percent and 39.5 percent, respectively.

From January to November, automotive exports grew by 5.6 percent from the same period of 2021, amounting to $27.8 billion. The average monthly export revenue of the industry was $2.54 billion.

Türkiye’s export revenues increased by 13.9 percent in the first eleven months of 2022 from a year ago to stand at $231 billion.

The $2.87 billion exports recorded in November was the highest figure this year, said Baran Çelik, the board chair of OİB, adding that the automotive industry managed to increase its exports despite the slowdown and recession risks in the global economy.