Automotive exports soar 41 pct to $2.4B in July

Published 07.08.2017 23:54

The Turkish automotive industry, a leader in the economy, continued to provide more than one-fifth of overall exports, increasing 41 percent to $2.4 billion in July, while its share in total exports rose to 21.2 percent, according to Uludağ Automotive Industry Exporters Association (OİB) data.

While passenger car exports, which increased 74 percent, were the main determinant in July, double-digit growth was experienced with all major export items. When examined in terms of countries, exports to Germany - the industry's largest market - increased 30 percent while exports to the U.K. rose 101 percent. Among others, exports to the U.S. surged 125 percent while automotive exports to Italy, Iran, Morocco and Russia also increased 43 percent, 72 percent, 70 percent and 113 percent, respectively.

According to OİB data, automotive exports in July surged 41.2 percent to $2.4 billion when compared to the same period last year. Also, maintaining the upward trend, the share of the industry in total exports rose to 21.2 percent in July. The sector has been exporting over $2 billion for 10 consecutive months since October 2016, while exports from January to July of this year increased 25 percent to around $16.79 billion.

While passenger cars exports were dominant in July, all major export items such as automotive sub-industry, motor vehicles for goods transportation and bus-minibus-midibus experienced double-digit increases as well.

When examined on a product class basis, exports of cars increased 74 percent to $1.56 billion while automotive sub-industry exports increased 26 percent to $751 million. Among others, exports of motor vehicles for good transportation saw an increase of 15 percent to $436 million while bus-minibus-midibus exports soared 60 percent to $136 million.

While car exports increased 54 percent to Italy, which is the biggest market for passenger cars, exports to the U.K. surged 477 percent. There was also an export increase of 47 percent to France, 77 percent to Spain, 22 percent to Germany, 100 percent to the U.S. and 108 percent to Belgium.

Automotive sub-industry exports to the top two countries of Germany and Italy increased 26 percent and 27 percent, respectively, while there was an increase of 17 percent to France and Iran. Among others, the sub-industry exports to the U.S. and Russia increased 32 percent and 74 percent, respectively.

Exports of motor vehicles for goods transportation to the U.K., the country with the largest share of the exports, increased 37 percent, while exports to Italy, Belgium and Spain increased 40 percent, 113 percent and 144 percent, respectively. There was a decrease in exports of motor vehicles for goods transportation to Slovenia, the Netherlands and the U.S. by 22 percent, 29 percent and 38 percent, respectively.

In the bus-minibus-midibus product group, exports to the top-four countries of France, Germany, Bulgaria and Italy saw an increase of 96 percent, 139 percent, 700 percent and 110 percent, respectively.

According to OİB data, exports to Germany, which is Turkey's largest export market on a country basis, amounted to $353 million in July, increasing 30 percent compared to the same period of the previous year. The U.K. was the second-largest market with $272 million while export growth was recorded as 101 percent. Moreover, exports to the third-biggest market of Italy were $270 million, an increase of 43 percent.

Automotive exports to EU countries, Turkey's biggest market receiving 78 percent of exports, increased 41 percent, amounting to $1.9 billion. In the seventh month of the year, a 102 percent increase in exports to the U.S drew attention among alternative markets while exports Eastern European countries and Oceania increased 64 percent and 50 percent, respectively.

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