The local automotive industry achieved a milestone in May, with export revenues climbing 6.3 percent year-on-year to a record-breaking $3.2 billion, as reported by the Automotive Industry Exporters’ Association (OİB).
This remarkable performance saw the automotive sector contributing 13.4 percent to Türkiye’s overall export revenues last month, marking the highest monthly export revenue ever recorded for the industry.
“The figures reflect the robust growth and resilience of our automotive sector,” stated Baran Çelik, the board chair of the association.
Passenger car exports were a significant driver, generating $1.12 billion, a 24 percent increase compared to May 2023. Additionally, exports of buses, minibuses, and midibuses soared by 35 percent year-on-year, reaching $242 million.
The surge in passenger car shipments to key markets was particularly notable, with exports to Germany and the Netherlands increasing by 104 percent and 138 percent, respectively. The UK and Sweden also saw substantial growth, with year-on-year increases of 60 percent and 90 percent, respectively. Conversely, exports to Israel saw a significant drop.
The automotive supplier sector also showed strong performance, with shipments to foreign markets growing by 7 percent annually to $1.4 billion.
Germany remained the largest market for the local automotive industry, with exports to this crucial market rising 14 percent annually to $486 million. France followed with $389 million, a slight decline of 6 percent from May last year, while the UK came in third with $330 million, marking a 21 percent increase.
In the first five months of 2024, the automotive sector’s exports surpassed $15 billion, reflecting an annual increase of 5.3 percent. This consistent growth underscores the sector's pivotal role in the national economy and its dynamic presence in global markets.
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