Hurriyet Daily News (Istanbul) - Turkey's automotive exports might reach a total of $20 billion this year, $2 billion more than the estimated target, according a local union of automobile industrialists. Turkey already sold $8.54 billion worth of cars by the end of the first five months.
Turkey's automobile exports reached a 15 percent share in the total export volume of $11.1 billion in May, summing up a volume of $1.67 billion, according to a statement by the Uludağ Exporters Union of Vehicles and Sub-Industry, OİD.
Turkey might reach a total export volume of $20 billion in the automobile sector, Anatolia news agency reported, the statement said.
As a forerunner of Turkey's exports, the automotive sector has increased its foreign sales by 16 percent and reached $8,544 billion in the first five months of this year compared with $7.33 billion in the same period of last year.
"Today's export figures shine and we could be headed beyond the target of $18 billion by the end of this year," Orhan Sabuncu, chairman of OİB told the Anatolia.
Sub-industries
Export figures of May indicate the export champion of the sector was the sub-industries. Turkish automotive sub-industry has increased by 37 percent compared with the same period last year and reached a volume of $575 million.
While domestic passenger car sales showed a strong growth by 39 percent year on year in May, the light commercial vehicle sales grew by 28 percent, according to a recent statement of Oyak Securities Research.
Germany remained the top export destination for the sector with a volume of $206 million in May, reflecting nearly 38 percent rise with the same period of last year. France followed by a total volume of $204 million and Italy with $181 million.
Still, Turkey's car exports to regional Arab countries, which are facing political unrest, fell sharply. Exports to Egypt dropped by 24 percent, to Yemen 46 by percent, to Tunisia by 86 percent and Syria by 75 percent in May compared with the same month last year.
