Turkey's automotive exports hit $2.7 billion April

Turkey's automotive exports hit $2.7 billion April

Turkeys automotive exports hit $2.7 billion April

The Turkish automotive industry’s exports amounted to $2.62 billion April, according to data compiled by Anadolu Agency from the Turkish Exporters’ Assembly (TİM).

According to the latest data from the Automotive Manufacturers’ Association, the industry’s total production declined by 17 percent on an annual basis to 132,189 units in the first quarter of this year with passenger car output falling by 17.4 percent to 87,348 units.

The association also reported that the industry shipped a total of 1.17 vehicles to foreign countries in January-March, an 8 percent decline from a year ago.

Separately, the Automotive Distributors’ Association (ODD) announced last week that Turkey’s overall auto sales market, including light trucks, in the January-April period shrank 48 percent compared to the same period in 2018.

The number of car and light commercial vehicles sold in the country in the first four months of this year was 119,440, the group said in a statement.

Passenger car sales posted a decrease of 47.5 percent to total 93,228 from January to April.

“In January-April 2019, the light commercial vehicle market decreased by 49.7 percent, in comparison to last year, to 26,212 vehicles,” the group said.

The automotive industry was the largest exporting industry in the country in April, followed by the chemicals sector with $1.8 billion and ready-wear and confection sector with $1.5 billion, showed TİM data.

[HH] Total exports up 4 percent

Meanwhile, the country’s Trade Ministry announced on May 3 that Turkey’s exports totaled $59.8 billion in January-April this year.

According to the general trade system, the ministry said exports surged 3.77 percent on a yearly basis.

The country’s imports amounted to some $68.6 billion, marking an annual decrease of 19.82 percent over the same period.

Pointing out the monthly data, the ministry said Turkey’s exports rose by 5.38 percent year-on-year to nearly $15.3 billion in April.

Imports in April posted a 14.62 percent annual decline to $18.1 billion, according to the general trade system.

Preliminary figures revealed that the country’s foreign trade balance in April showed a deficit of $2.8 billion, improving from $6.7 billion deficit a year ago.

President Recep Tayyip Erdoğan said in a speech he delivered on April 30 that Turkey eyes a $182 billion export target in 2019.

“We target an export figure of $182 billion in 2019 and $500 billion in 2023,” he said, addressing the 4th Commercial Counsellors Conference.

Erdoğan stressed that his government aims to transform Turkey into an economy that records foreign trade surplus.