Automotive exports increase by 40% in March

The Turkish automotive industry’s exports jumped by 40% in March to reach $2.9 billion (TL 23.52 billion), according to data by the Uludağ Automotive Industries Exporters’ Union (OIB).

The sector’s first-quarter exports also recorded a 10% increase and generated $7.7 billion. The total foreign sales target of the industry was determined as $30 billion for the year-end.

The automotive sector is among the sectors in Turkey that record the highest foreign sales and the March figures indicated a positive course.

The three-month average export value of the sector, which takes a 17% share in the country’s overall sales abroad, was $2.5 billion, the OIB data showed.

Baran Çelik, chairperson of the OIB said that the COVID-19 pandemic’s effects, which had begun to be felt as of last March, produced a reset effect for the industry causing a boost in sales to be recorded last month.

“In March, our exports of the automotive supply industry, passenger cars and motor vehicles for transporting goods increased by double digits. Likewise, we recorded a double-digit increase in nine out of the top 10 exporting countries,” he said.

The largest product group with the most sales for the month was the automotive supply industry, exports of which jumped by 36.5% to $1.49 billion. Passenger car exports increased by 31% to $1.35 billion, and goods transport motor vehicle exports increased by 82% to $549 million. Exports of buses and minibuses, however, decreased by 4.5% to $98 million.

The exports to Germany – the largest market in the automotive supply industry – increased by 51% in March, while sales soared by 102% to Italy, 39% to France, 35% to the U.S., 65% to Russia and 23% to the United Kingdom. There was a 58% increase in exports to Poland and a 34% decrease in sales to Romania.