Turkey's leading export sector, the automotive industry, saw its highest monthly increase in the last three years in May. According to the Uludağ Automotive Industry Exporters' Association (OİB), the automotive sector reached $2 billion in exports, increasing 34 percent compared to May 2015, based on exports in the last four months.
The OİB reported that while exports to the European Union, Turkey's biggest market, increased 43 percent, exports to the alternative market of America increased 33 percent.
Exports to the sector's biggest market, Germany, increased by 24 percent, and exports to Italy and France increased by 98 and 76 percent respectively. Car and commercial vehicle exports increased by up to 200 percent, affecting export performance to the countries in question.
The automotive industry reached its highest export rate on a monthly basis in May, as the sector maintained its upward trend it has enjoyed since July 2013. According to the OİB, exports in the automotive sector in May reached $1.983 billion, an increase of 34 percent compared to the same month the previous year. The sector accounts for 18 percent of Turkey's exports, and in the last four months rose over $2 billion.
The OİB also reported that exports in the manufacturing category increased by 73 percent in May. Automotive sector exports in the January-May period reached $9.572 billion, an increase of 12 percent.
Exports to Germany, the automotive sector's biggest market, reached $335 million. The export increase was affected by increases of 14, 55 and 71 percent, respectively, in the export of sub-industry car and commercial vehicles.
While exports to the sector's other big market, Italy, reached $235 million, increasing by 98 percent in May, exports to France reached $218 million, a 76 percent increase in the same period. Likewise, the increase in exports to Italy was affected by an increase of 200 and 126 percent, respectively, in commercial vehicles and car exports, while the increase in exports to France was affected by an increase of 179 and 133 percent, respectively, in the export of cars and commercial vehicles. Exports to Spain, Belgium, Romania, Israel, Netherlands, Slovenia and Poland increased by 56, 20, 58, 34, 64, 101 and 58 percent, respectively.
Export to Turkey's top market in automotive exports, the European Union, increased gradually. Exports to EU countries, which constitute 78 percent of Turkey's exports, reached $1.564 billion, increasing by 43 percent. Exports to alternative markets, Middle Eastern and African countries, increased by 20 and 15 percent, respectively. On the other hand, exports to America reached $94 million, a 33 percent increase.