Automotive exports on track top $40 billion this year: Minister

ISTANBUL

The Turkish automotive sector’s export is likely to surpass $40 billion this year, according to Trade Minister Ömer Bolat.

The automotive sector, which has maintained its leading position in exports for the past 15 years, achieved $37.2 billion in exports last year, Bolat noted at an event where he met with representatives of the sector.

Export revenues of the automotive sector increased by 13.6 percent year-on-year to reach $23.45 million in the January-July period, with passenger car exports rising more than 10 percent annually to $12 billion.

“If this momentum continues, achieving $41 billion in annual exports appears well within reach,” Bolat said.

Bolat highlighted that out of last year’s $37 billion in automotive exports, $16 billion came from the supply industry.

“When the contribution of domestic suppliers to the vehicles sold by main manufacturers is included, the supply industry accounts for $24 billion. This means that roughly two-thirds of the $37 billion is your achievement,” he said, addressing suppliers.

Today, with an annual production of 1.47 million vehicles, Türkiye ranks as the 13th largest automotive producer in the world and fourth in Europe, according to Bolat.

Including auto manufacturers, suppliers, spare part producers, service providers and mechanics, the total number of people working in the automotive industry exceeds one million, he said.