Manufacturing Turkish automotive output climbs 37.4% in July By Pramod Kumar August 22, 2022 Creative Commons Automotive production rose five percent year-on-year in the first seven months of the year to 742,969 vehicles Production in Turkey’s automotive sector jumped 37.4 percent year-on-year in July to 93,659 vehicles, with exports climbing 16.2 percent to 59,596, the Automotive Manufacturers Association (OSD) said. Total automotive production rose five percent year-on-year in the first seven months of the year to 742,969 vehicles, while exports were up 2.7 percent to 526,601, the association said. Daily Sabah newspaper last month reported, citing OSD Chairman Cengiz Eroldu, of the need to diversify export markets, as there was a 13 percent contraction in demand in Europe in the first six months and 15.4 percent in June. He expected the demand in Europe to decline further. The Turkish automotive industry had a foreign trade surplus of approximately $9.5 billion in 2021. In the first six months of 2022, it stood at $4.5 billion. The newspaper reported that a foreign trade surplus of around $9-10 billion is likely by year-end. Earlier this month, Reuters reported that the Turkish manufacturing sector contracted for a fifth consecutive month in July as weakening demand, market uncertainty and price pressures all played a role in moderating output.
