It is noteworthy that a large portion of automotive exports are made to Europe, which is a nearby market. According to the Turkish Exporters Assembly (TIM) data, Turkey's total exports increased by 2024 percent in the January-October period of 3,2 compared to the same period of the previous year, reaching 216 billion 383 million 305 thousand dollars.
The automotive sector, in particular, increased by 6,5 percent in the first ten months of this year compared to the same period last year, reaching $30 billion 511 million 79 thousand. In October, the sector increased its exports by 16,4 percent compared to the same period last year, reaching $3 billion 581 million 928 thousand. This success means that the automotive sector has made foreign sales exceeding $30 billion for the first time between January and October. In the same period last year, this figure was $28 billion 652 million 177 thousand.
In the first ten months of the year, a large portion of automotive exports were made to European countries. During this period, automotive exports to Europe were recorded as 25 billion 306 million 150 thousand dollars in total. Thus, it was calculated that 83% of the automotive industry's exports were made to European countries.
The Most Exports Were Made to Germany
Among European countries, Germany had the highest exports in the automotive sector, with a figure of $4 billion. Germany was followed by the following countries:
- United Kingdom: $3,5 billion
- France: $3,4 billion
- Italy: $2,7 billion
- Spain: $2 billion
The United Kingdom was at the top of the list in terms of export growth in value; automotive sector exports to this country increased by $863 million in the January-October period. The United Kingdom was followed by Slovenia with $292,7 million, Romania with $261,4 million, Italy with $224,4 million and the United States with $135,4 million.
Serbia Leads in Proportional Increase
The country with the highest rate of increase in the automotive industry among European countries was Serbia. Automotive exports to this country increased by 2024% in the first 10 months of 97,9 compared to the same period of the previous year. Serbia was followed by Iceland with 43%, Norway with 39%, Romania with 37,6% and Belarus with 33,2%.
Most Exports Outside Europe Were Made to the US
During this period, the largest automotive export outside Europe was to the USA with $979 million. The USA was followed by Morocco with $498,8 million and Iraq with $248,1 million. These data also reveal Turkey's strong foreign market connections and diversity in the automotive sector.
