Türkiye's automotive sector kicked off the new year on a strong note, achieving the highest January export figure of all time with $3 billion (TL 107.66 billion), marking an 8% increase compared to the same month last year, according to a report Thursday.
Despite uncertainties in the global economy and economic vulnerabilities in Europe, which is its main market, Türkiye's production power and geopolitical advantages were among the factors supporting the sector’s performance last month.
Overall, Türkiye's exports in January rose by 5.8% year-over-year, reaching $21.16 billion, data compiled by Anadolu Agency (AA) from the Turkish Exporters Assembly (TIM) revealed. The preliminary exports and import figures were announced earlier this week in a ceremony attended by Trade Minister Ömer Bolat.
While automotive exports recorded their highest-ever start to the year at $3 billion, the sector's share in total exports was calculated as 14.2%, the data revealed.
The Turkish automotive industry, the country's leading export sector, witnessed steady growth in the years following the pandemic. It concluded last year by boosting its shipments by approximately 6% compared to a year before, achieving over $37 billion in sales, the industry data revealed earlier in January.
The sector achieved $2.3 billion in exports in January 2019, $2.4 billion in 2020, and $2.27 billion in 2021. In January 2022, the sector exported goods worth $2.2 billion and further increased this figure to $2.7 billion in 2023 and nearly $2.8 billion last year.
Examining the export figures by subcategories within the automotive sector, the largest contributor was determined to be the main automotive industry, with $1.7 billion. At the same time, some $1.3 billion was generated from the automotive supply industry, an additional $17 million from other vehicle manufacturing, $568,000 from mineral fuels, mineral oils and related products, and $38.3 million from the defense and aerospace industry subcategory.
During the month, Germany was the top receiver of goods from the sector with $462.2 million. Germany was followed by the United Kingdom with $346.5 million, France with $327.3 million, Spain with $255.6 million and Italy with $231.4 million.
Moreover, Spain ranked first in terms of value-based export growth. In January, automotive exports to this country increased by $84.9 million, the data showed. Other locations where an increase in export value was observed were France with $56.1 million, Germany with $45.8 million, Romania with $35.3 million and Slovenia with $31.7 million, respectively.
On a provincial basis, the highest automotive exports last month were made from the northwestern province of Kocaeli, reaching $903.4 million. During this period, Istanbul exported $641.6 million worth of goods from the automotive sector, while Bursa came in third with $585.4 million.
Exports from Sakarya amounted to $385.4 million, and the capital, Ankara, exported $102.4 million worth of automotive goods last month, as per data.
