Turkish Exporters Eye Record Export Figures: Automotive Sector Leads May Exports with $3 Billion

June 24, 2023

The automotive sector ranked first among the sectors with the highest exports in May, with $3 billion. Chemicals maintained its second place with $2.5 billion, while ready-made garments and apparel remained in third place with $1.7 billion. The unit export value per kilogram increased by 15.5% compared to the same month of the previous year, reaching $1.53.

Mustafa Gültepe, Chairman of the Türkiye Exporters Assembly (TİM): I believe that we will close the 100th anniversary of our Republic with a record export by prioritizing production and exports in our economic policy.

Export has rebounded with the month of May. Türkiye’s export in May increased by 14% compared to the same period last year, reaching $21.7 billion. Thus, the highest export value in May was achieved.

Mustafa Gültepe, Chairman of the Türkiye Exporters Assembly (TİM), stated that the export family demonstrated a remarkable performance in May after feeling the negative impact of global and national developments in April. Gültepe continued as follows:

“According to the General Trade System (GTS) records, we completed May with $21.7 billion in exports. We are up by 14% compared to the same month last year. Our exports in the last 12 months reached $254.4 billion, with an increase of 4.9%, and we closed the January-May period almost at par with the previous year, at $102.5 billion. The automotive sector contributed the most to our export last month with $3 billion. Our other sectors in the top five were chemicals with $2.5 billion, ready-made garments with $1.7 billion, electrical and electronic products with $1.4 billion, and steel with $1.3 billion. We have seen significant increases in the export of olive oil, ships and yachts, defense, and aviation sectors. 51 of our provinces increased their exports. The top five provinces with the highest exports were Istanbul, Kocaeli, Bursa, İzmir, and Ankara. In May, 1,524 of our companies conducted their first export. Our unit export value increased by 15.5% compared to the same month of the previous year, reaching $1.53.”

PARITY EFFECT CONTRIBUTED $327 MILLION IN MAY

Gültepe emphasized that they conducted exports to 219 countries in May and highlighted an increase in exports to 138 countries. Gültepe reported that Germany, the United States, the United Kingdom, Iraq, and Spain were the countries where Turkey exported the most. He said, “We also see significant increases in exports to Saudi Arabia, Kazakhstan, and the United Arab Emirates. For example, we increased our exports to Saudi Arabia nine-fold compared to the same month last year. After April, the parity also had a positive impact on our exports in May. The parity effect contributed a positive value of $327 million in May. However, due to the parity effect since the beginning of the year, we have a loss of $645 million.”

Mustafa Gültepe reminded that the Turkish economy grew by 4% in the first quarter and expressed their sadness about the negative contribution of net exports after 7 quarters. Gültepe emphasized that this development was influenced by both increased imports, earthquakes, and the economic stagnation in Europe. He concluded his words as follows: “We expect the recession in Germany, our largest trading partner in exports, not to last long technically. With the end of interest rate increases by the European Central Bank, we believe that economies in Europe will revive. We are not idle during this process; we are working with all our might to connect our exporters with alternative markets. We organize trade delegations, most of which are to distant countries, every month and host purchasing delegations in our country. In the coming months, we will host a purchasing delegation of 5-6 hundred people, mostly from distant countries. In summary, we are using all the possibilities to expand our markets. With the completion of the elections in our country, the period of uncertainty has ended. I believe that we will close the 100th anniversary of our Republic with a record export by prioritizing production and exports in our economic policy.”

Source: Türkiye Exporters Assembly TİM
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither Karen Audit nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.