Turkish automotive exports up in November, reach highest since 2008

Turkish automotive exports up in November, reach highest since 2008

Turkish automotive exports increased by 16.9 percent and reached $2.2 billion in November, the highest monthly level since 2008, renewing its record after last month and marking a 50 percent increase in automotive exports as the determining factor in the sector's successful performance.

According to a statement by the Uludağ Automotive Industry Exporters' Union (OIB) on Sunday, exports to three of the largest markets, including Germany, Italy and France, have increased in double digits as high as 65 percent.

The successful performance of the automotive industry also showed itself in exports to the world's biggest markets: Exports to Germany reached $364 million with a 24 percent increase followed by Italy with a 53 percent increase of $283 million and France with a 65 percent increase, reaching Passenger car exports to Germany rose by 88 percent in November followed by a 17 percent increase in bus-minibuses export. France also experienced a 199 percent increase in automobile exports, followed by Italy with 118 percent increase.

Other major markets including Poland, Slovenia, Holland and Romania also saw an increase of 57 percent, 49 percent, 27 percent and 20 percent, respectively. On the other hand, automobile exports to the U.K. fell by 12 percent, Israel by 25 percent and Denmark by 18 percent. The decrease in exports to the U.K. was primarily caused by the decrease in the use of motor vehicles for transportation of goods which fell by 31 percent. Export figures fell in Israel due to a 27 percent decrease in passenger car use.

The total rise in automotive exports to the EU-28 countries was 22 percent, reaching $1.786 billion with a share of 79 percent in total automotive exports. Exports to American countries rose by 27 percent, while a 16 percent drop took place in exports to the Middle East.

Automotive exports accounted to 18.7 percent of Turkey's total exports with the rise.

Automotive exports also increased by 11.5 percent in the 11-month period between January and November, reaching $21.530 billion.

According to the OIB's November report, the export of passenger cars soared to $952 million with a 51 percent increase, while the sub-industry hit $745 million with a 1 percent increase. Regarding public transportation, the exports of buses and minibuses saw an 11 percent increase totaling $132 million followed by motor vehicles. Motor vehicles for goods transport posted a five percent decrease with $389 million worth exports.

OIB Chairman Orhan Sabuncu said the sector aims to close 2016 with total exports reaching $23 billion, the second highest annual export figure after 2008's exports worth $24.7 billion.

The U.S. dollar – Turkish lira parity rate was near 1.20 level in January 2008, closing the year around 1.50 level in December. With a constant rise since August 2016, the parity rate rose from 2.90 level to its current level of 3.50, dragging down the value of Turkish exports.
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