WHY IS THE ECONOMY OF TURKEY DEPENDENT ON THE AUTOMOBILE INDUSTRY



OVERVIEW

Based on the analysis of the past few years, it is noted that Turkey exported cars and spare parts for motor vehicles the most, accounting for USD 10.1 billion and USD 4.60 billion respectively in the year 2020. If we refer to import export data for the year 2022 in the month of July, it is clearly observed that Turkey was into exporting vehicles the most. The figure was close to USD 1.72 billion.

From the trend, it is a bit obvious that the automotive industry in Turkey is on the growing side and will be a booming industry in the future. It is also estimated that the import export data of Turkey will be dominated by the automobile sector in the upcoming years. Nonetheless, the automobile industry has emerged and has been the major contributor to the country’s GDP. If you glance over the import export data of the country for the year 2016, you will be surprised to know that Turkey has already secured 14th rank in the world for greatest automotive manufacturing country in the world with more than 1.3 million products in a year.

Automobile manufacturers in the country have a strong plan to boost production further and increase the contribution of automobiles to the country’s GDP and import export data

CURRENT STATE OF THE AUTOMOBILE INDUSTRY IN TURKEY

In the year 2021, import export data of the country reflected an amount of $29.3 billion worth of exports. The automobile industry had a share of close to 13% in the country’s total exports for the year 2022. Way back in the year 2017, the automotive industry constituted about 20% of total exports.

Germany was the most potential and major export partner of Turkey for the year 2021. The association between the countries led to a trade of approximately USD 5 billion. This trend will be going up as in 2017 the trade between Germany and Turkey for automobiles was close to USD 4.1 billion. Besides Germany, import export data of Turkey saw an increase in exports with France, the United Kingdom, and Morocco as well.

IMPACT OF RISE IN AUTOMOTIVE INDUSTRY IN TURKEY

By observing the rising dominance of the automobile sector in import export data of Turkey, various automotive companies like ford, Fiat, Daimler, and Segula have already set up their plants in Turkey in the lieu of profits and expansion. Ford has already set up their R&D center in Turkey. Daimler, which is a Germany-based company is already maintaining its manufacturing-related operations from Turkey through their R&D department.

CONCLUSION

 As we come toward the end of this blog, we are going to share our verdict on this topic. According to us, the automobile industry is going to boom in the Turkish market and import export data of the country is going to see more dominance of this industry. If you are an automobile manufacturer and looking to boost your business and profits, then Turkey is the best country for you. We recommend you refer import export data of Turkey today and start your trading business.

PRO TIP

If you want further analysis and the best advice about import-export data or global trade data of any country, then get in touch with TradeImeX® Info Solution Pvt Ltd. We are one of the leading companies when it comes to providing data about international trade. TradeImeX® Import-export data provider
 strives to deliver accurate global trade data to people. The advice that is provided by us to you will help you to grow your profits and reduce market risks to a great extent.

Comments

  1. tradeimexJanuary 18, 2023 at 11:07 PM

    TradeImeX is a leading Global trade data And Trade Data Provider Company. We cover 70+ Countries Import Export Trade Data Online. Discover Growth Trends.

    ReplyDelete
  2. AnonymousJanuary 23, 2023 at 11:22 PM

    TradeImeX Info Solution Pvt Ltd has brought to you the most interactive, reliable, and accurate Import Export Data from more than 70 countries. Every trader or marketer who performs overseas trade looks for precise of the country with whom he or she is planning to trade. It becomes necessary that the Import Export Data provided to the trader should be accurate and genuine.

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