Turkey's auto exports slump further in July

Turkey's auto exports saw a widened loss in July as the fallout of the recession continued to play hell with overseas market demand, industry figures showed Thursday.

Exports in the automotive sector went down 6.1 percent year-on- year in July, a further slump than the 0.5 percent decrease in June, according to data released by the Turkish Exporters Assembly (TIM).

The exports registered a year-on-year growth of 42.8 percent in January as the economy emerged from the recession. However, the growth slowed to 11.8 percent in May.

In the first seven months of 2010, auto exports rose 25.3 percent over the same period of last year to 10 billion U.S. dollars, said the TIM.

Turkey's economy spearheaded with an annual growth of 11.7 percent in the first quarter of this year after a 4.7 percent slump last year.