Automotive exports hit $21 billion in January-September

Automotive exports hit $21 billion in January-September

Automotive exports hit $21 billion in January-September

The Turkish automotive industry’s exports rose 24 percent on an annual basis to amount to $21.3 billion in January-September, data from a trading group have shown.

In September alone, however, the sector’s shipments to foreign markets declined by 5 percent from a year ago to $2.5 billion, the Uludağ Automotive Industry Exporters’ Association (OİB) said.

The industry’s monthly exports averaged $2.36 billion between January and September, making it the largest exporting sector in the country, according to the association.

Last month, the automotive parts sector’s shipments gained 7 percent on an annual basis to climb to $1 billion, but passenger car exports shrank 29 percent from a year earlier to $642 million.

Local carmakers’ passenger car exports to Spain and Germany grew by 37 percent and 14 percent, respectively, however, shipments to France declined by 46 percent and the drop in exports to the U.K was 54 percent.

In September, the U.K took over Germany as the largest importer of Turkish vehicles. The local automotive sector’s overall exports to the U.K rose 20 percent year-on-year to $338 million, while shipments to Germany amounted to $319 million, marking a 5 percent decline. France was the third export market for local manufacturers as sales to this country stood at $200 million, declining 34 percent on an annual basis.

On a related note, the latest data from the Trade Ministry released on Oct. 1 showed that Turkey posted its highest-ever monthly exports figure in September at $20.8 billion, rising 30 percent year-on-year.

The country’s imports totaled at $23.4 billion in September, up 12 percent from the same month last year.

Turkey also achieved its 12-month rolling exports target for 2021 in the first nine months of the year, reaching $212.2 billion, Trade Minister Mehmet Muş said.