Automotive sector’s exports hit $2 billion

The automotive exports increased by 3.5 percent in July from a year ago to stand at $2 billion, the Uludağ Automotive Industry Exporters’ Association (OİB) has said. The industry’s share in Türkiye’s total export revenues was 11 percent, ranking second among the exporting sectors.

Passenger car exports declined by 8 percent to $534 million, while bus and minibus exports fell 7 percent on an annual basis to $102 million. Sales of passenger cars to major export markets the U.K and Germany increased by 77 percent and 15 percent, respectively, the OİB said. Passenger car exports to France and Italy also exhibited increases of 29 percent and 30 percent, respectively. The industry’s total exports to the U.K amounted to $321 million, marking a 38 percent rise from July 2021. Germany increased its imports from the Turkish automotive sector by 8 percent to $294 million. Exports to Italy grew by 16 percent year-on-year to $152 million.

Exports to the European Union remained unchanged from a year ago to stand at $1.2 billion.In the first seven months of the year, the automotive industry’s export revenues rose by 5.8 percent to $17.3 million. The monthly exports averaged $2.5 billion between January and July.

“Despite the contraction in the main markets, such as Europe and the U.S., the industry’s export performance remained strong,” said Baran Çelik, the head of the OİB.