Automotive industry’s exports hit $3.2 billion in May

ISTANBUL

The local automotive industry’s export revenues have increased 6.3 percent in May from a year ago to $3.2 billion, according to the Automotive Industry Exporters’ Association (OİB).

The automotive industry accounted for 13.4 percent of Türkiye’s overall export revenues last month.

“This marked the highest monthly export revenue ever for the automotive industry,” said Baran Çelik, the board chair of OİB.

Passenger car exports generated $1.12 billion in revenues, pointing to a 24 percent increase compared with May 2023, while exports of buses, minibuses and midibuses rose 35 percent year-on-year to $242 million.

In May, passenger car shipments to Germany and the Netherlands surged 104 percent and 138 percent, respectively. The year-on-year increases in exports to the U.K and Sweden were 60 percent and 90 percent, respectively, said the association.

Exports to Israel plunged 100 percent compared with May 2023.

The automotive supplier sector’s shipments to foreign markets increased by 7 percent annually to $1.4 billion.

Germany was the largest market for the local automotive industry, with exports to Europe’s economic powerhouse rising 14 percent annually to $486 million.

France came in second with $389 million, down 6 percent from May last year, followed by the U.K. at $330 million, up 21 percent.

In the first five months of 2024, the automotive sector’s exports surpassed $15 billion, exhibiting an annual increase of 5.3 percent.