Automotive Exports Experience Loss

automotive-exports-experienceThe loss of the Turkish automotive exports stemming from euro – dollar parity has reached by $2,1 billion in January-August 2015, Orhan Sabuncu, Chairman of Automotive Exporters’ Association (OIB), said.

Positioning as the locomotive of the economy and doing 85 percent its exports through euro, the loss of the Turkish
automotive exports has reached $2,1 billion in the first eight months this year.

Orhan Sabuncu reminded when they began the year they had determined target of the automotive exports as $23 billion for 2015.

Sabuncu said they had expected some decrease in the parity and they had also foreseen some loss in the sector exports stemming from the parity-base, noting the situation has also affected the overall exports of Turkey.

He continued; “Doing its 85 percent of exports via euro the automotive sector became the most affected sector from
the parity rate. So, the automotive export-data should be evaluated via parity. According to this, our automotive exports accomplished as $13,5 billion in the first eight months this year. Our export loss stemming from the parity became $2,1 billion.” According to the statement from Turkish Exporters’ Assembly (TIM), the party-base export loss of Turkey has reached by $9 billion in the first eight months. Of these $2,1 billion itself came from automotive exports.

“If the parity rate would have continued in the same level with last year, the automotive exports would reach by $15,6 billion with 4 percent increase in the first eight months. We can say that the parity rate might get balance in the last quarter of the year and the loss would reduce. For this reason, we expect the export figures would get some recovery in the rest part of the year. However, we also foresee that the export figures would remain under last year’s figure,” Sabuncu concluded.