Automotive exports top $11 billion in January-April

Automotive exports top $11 billion in January-April

Automotive exports top $11 billion in January-April

Türkiye’s automotive industry boosted its export revenues by 11 percent on an annual basis in the January-April period to $11.3 billion, the Automotive Industry Exporters’ Association (OİB) has said.

Passenger car and bus, minibus exports registered double digit growth in April, according to Baran Çelik, board chair of the OİB.

Exports to Germany, the local automotive industry’s largest market, fell, but shipments to France and Italy increased by 31 percent and 19 percent, respectively, Çelik said.

In April alone, the industry’s export revenues stood at $2.7 billion, capturing a 13.9 percent share in Türkiye’s overall export revenues.

Exports by the local automotive supplier industry fell 6 percent from April 2022 to $1 billion, while passenger car exports grew 10 percent year-on-year to $886 million, according to Çelik.

Revenues from bus and minibus exports rose by 75 percent from a year ago to $174 million.

Passenger car sales to France, Italy and Germany increased by 65 percent, 75 percent and 11 percent, respectively. But, exports to the U.K., Spain and Poland dropped 29 percent, 4 percent and 23 percent, respectively.

Germany was the largest export market for the Turkish automotive industry at $351 million, Çelik said.

Exports to France stood at $332 million, pointing to an annualized increase of 31 percent, while shipments to Italy grew 19 percent to $251 million.

The European Union absorbed some 70 percent of the Turkish automotive industry’s exports in April, with exports to EU member states rising 5 percent to $1.9 billion.