Turkish car exports enjoy significant increase to EU

Industry News | | MIC Customs Solutions |

The European Union proved instrumental in growth in Turkey's automotive export market this summer.

The automotive industry in Turkey recorded a significant growth in exports to the European Union last month, according to new data.

A report from the Uludag Automotive Industry Exporters Association and the Turkish Exporters Assembly showed exports to the bloc were raised by 8.4 per cent in August 2019 compared to the same period last year.

It meant the car-making sector ranked first again, as well as recording the second-highest August export figure in its history, the Daily Sabah reports.

Members of the EU made up 72 per cent of the share of exports in terms of country groups, with an increase in products going to France, Italy, Spain, the Netherlands, Slovenia and Belgium proving instrumental.

With a four per cent increase, the UK ranked fourth on the list of export increases, despite the turbulence being created by the ongoing confusion surrounding Brexit. Only Germany saw a significant decrease, with a 0.4 per cent decline in Turkish cars going there.

A number of international automotive brands - including Ford, Honda, Hyundai, Toyota, Mercedes and Renault - have factories in Turkey, many of which are located in the Marmara Region of the country.

It is also one of the best car sales markets in the world, with more than 735,000 vehicles produced there during the first half of 2019, according to the Automobile Manufacturers Association State of the Industry report quoted by Econ.bg.

The news concerning exports being boosted will undoubtedly be widely welcomed by the Turkish government, since manufacturing is a key part of its economy.

It is also likely to be viewed as a further sign of light at the end of the tunnel following the 2018 recession there, with the European Bank for Reconstruction and Development recently predicting the Turkish economy to see growth to around 2.5 per cent by 2020.