• July 25, 2024

Turkey ‘s auto industry seeks new markets to curb Europe sales decline

The Turkish automotive industry, which accounts for about 80% of its exports to Europe, is now looking to alternative markets as sales to the region have started to decline and are expected to decline further. The semiconductor crisis and supply problems continue to weigh on the automotive industry. In the first six months of the year, global production lost his 2.6 million units. Global car sales in 2022 fell from 89.3 million to 84.3 million. Sales in Europe show a particularly downward trend as rising inflation causes European consumers to shift demand for cars. Turkish car sales in key markets Germany, UK, France, Italy and Spain fell by 11% to 20%. Turkish car exports totaled nearly $4.6 billion from January to June period as the country sold vehicles to 97 countries. France, Turkey’s second main market in the automotive sector, topped the list of countries in the country’s car exports. In the first half of the year, exports to France decreased by 30% to $659 million compared to the same period last year. The second country in Turkey’s passenger car exports was the United Kingdom.

25 Million Tonnes of Export Deals by Russia, Ukraine and Turkey to be exported via Black Sea

Russia, Ukraine and Turkey has signed a deal proposed by United Nations to free up grain exports from Ukraine’s besieged Black Sea ports. The Joint Coordination Centre (JCC) was officially inaugurated in Istanbul on July 27, to facilitate Ukraine grains and fertilizers exports from three key Ukrainian ports in the Black Sea: Odesa, Chornomorsk, and Yuzhny, which were blocked by the war. This grain export agreement will improve global food security and ease the global food crisis. Both Russia and Ukraine are major global wheat suppliers, and the Russia invasion of Ukraine has sent food prices soaring. This agreement will enable Ukraine to export millions of tonnes of grains which has been stuck in Ukraine’s Black Sea ports due to the war.

Turkey exports hit a historical monthly high of $23.4B in June 2022

According to Turkey Trade Minister Mehmet Mus, Turkey’s export surged to $23.4 billion in June which is the highest monthly figure in the country’s history. This is a significant increase of 18.5% as compared to June 2021, making it Turkey’s highest monthly export figure of all time. This is primarily driven by Russia’s invasion of Ukraine which has caused soaring energy costs. Energy has solely accounted for $8.1 billion in exports. While the invasion has caused global commodity prices to increase and inflation fears grow. Additionally, the Turkish government push to increase exports has continued to be successful with the highest volumes being recorded in the first six months of 2022. Turkish upward growth in exports is extremely crucial in keeping Turkey’s market performance dynamic and strong. In current times where the world is facing economic difficulties, Turkey’s growing economy of production of goods and services will help keep Turkey competitive in such times. Global economists have forecast that Turkey will continue its growth and export targets above $250 billion.

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