Turkish auto sector enjoys rising exports to European Union

DAILY SABAH
ISTANBUL
Published 11.09.2019 00:24

The automotive sector, the engine of Turkish exports, achieved $1.3 billion in exports to European Union countries in August, an increase of nearly 10% compared to the same month last year.

According to the Uludağ Automotive Industry Exporters Association (OIB) and Turkish Exporters Assembly (TİM), the Turkish automotive industry raised its exports by 8.4% in August compared to the same period last year.

With a 13% share in Turkish exports, the automotive industry ranked first again and reached the second-highest August export figure in its history, achieving the highest growth rate of 2019 with 8.4%.

The increase in exports to EU countries was instrumental in reaching the highest August export figure for the second time in the history of the sector.

EU members took first place in August exports in the country group with a 72% share and $1.3 billion. While August exports to the eurozone climbed by 10% compared to the same period last year, exports to France, Italy, Britain, Spain, the Netherlands, Slovenia, and Belgium was effective in this increase. Last month, 14 out of 28 EU member countries experienced an increase in exports.

Exports to Germany, which took the lead in monthly exports, saw a 0.4% decrease in August to $290.7 million. Last month, France was the second-largest market with $182.2 million, while the automotive exports to this country surged by 26.5% compared to the same period of 2018. Exports to Italy, the third-largest market, rose by 18% and reached $151.4 million. With a 4% increase and $134.6 million in exports, the U.K. ranked fourth.

Among the top 10 countries in exports, other EU members included Spain in fifth place with $96 million and an increase of 2% and the Netherlands in seventh place with around $70 million and a 79.5% growth compared to the same period of the previous year.

Exports to Slovenia came eighth on the list, reaching $64.4 million with an increase of 104%, while Belgium ranked 10th in Turkey's automotive sector with $52.3 million, surging 8%.

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