Exports from the Turkish automotive industry reached the highest level on a monthly basis in June with $2.1 billion compared to the same month in 2008.
According to the monthly report of the Automotive Industry Exporters' Union (OİB) released on Sunday, exports of the sector, which account for some 18 percent of Turkey's total exports, increased by 9 percent compared to same month last year.
Average monthly exports of the automotive sector in the first five months of 2016 have reached $2 billion, while exports increased by 12 percent to $11.7 billion in the January-June period compared to the same period last year. OİB Chairman Orhan Sabuncu said that the sector is getting closer to achieving its year-end goal of $23 billion worth of exports.
Exports to Germany, the main market of the Turkish automotive industry, increased by 15 percent in June and reached $330 million. Germany was followed by Italy with a 54 percent increase and $280 million worth of exports and France with a three percent increase and $228 million worth of exports, while exports to Spain increased by 40 percent.Following the lift of international sanctions, auto exports to Iran increased by 118 percent in June. Exports to the U.K., the U.S. and Russia decreased by 19, 51 and 37 percent, respectively.
Exports to the EU-28, which account for 80 percent of the sector's total exports, increased by 13 percent. Exports to Asia – Pacific countries increased by 23 percent, while a 35 percent decrease was announced in exports to the Americas.
The largest increase was in the commercial vehicle category with 67 percent. Exports to the main markets, France and Germany, increased by 17 and 22 percent.
Auto spare part exports to Germany, the main destination for Turkish production, increased by 14 percent, followed by France with six percent. Additionally, spare part exports to Iran increased by 124 percent.
Car exports to Italy, the main buyer of Turkish automobiles, increased by 62 percent. It was followed by increases in exports to Spain with 72 percent, Israel by 36 percent and Belgium by 34 percent. Car exports to France, the U.K. and the Netherlands decreased by 13, 34 and 42 percent, respectively.
Light commercial vehicle exports increased by 70 percent and 30 percent in two main export markets Italy and Germany. Exports to the U.K. dropped by 31 percent amid economic stagnation during the process leading to Brexit referendum.