OIB: Automotive Sector Remains the Leading Industry in 2024 with $37 Billion in Exports
According to OİB data, Turkey's leading sector in exports, the automotive industry, achieved an export figure of $37 billion in 2024, reflecting a 6% increase compared to the previous year. Maintaining its top position in Turkey's exports, this marks the 18th time the sector has emerged as the export champion in the last 19 years. In December, the automotive sector also recorded an export figure of $3.5 billion, which is a 10% increase and the second highest monthly export figure to date.
OİB Board of Directors Chairman Baran Çelik stated, “We have left behind a year that was quite challenging in terms of the global economy and faced a contraction in demand in the global market. Nevertheless, as the automotive sector, we have managed to maintain our leadership in exports in 2024.”
According to the data from the Uludağ Automotive Industry Exporters' Association (OİB), the automotive industry's exports in 2024 increased by 6.3% compared to the previous year, reaching $37.212 billion. Thus, the sector, which continues to hold the first place in Turkey’s exports, has become the export champion for the 18th time in 19 years. The automotive industry's exports for December 2024 also increased by 10% compared to the same period of the previous year, totaling $3.487 billion, achieving the second highest monthly export figure ever. In the last month of the previous year, the automotive sector maintained its leading position in national exports with a share of 17.3%.
Chairman Baran Çelik mentioned, “We have left behind a year that was quite challenging for the global economy and faced a contraction in demand in the global market. Nevertheless, as the automotive sector, we have managed to maintain our leadership in exports in 2024. In the last month of the previous year, we recorded a 19% increase in exports of passenger cars and motor vehicles for goods transportation.”
In 2024, exports from the suppliers' industry increased by 5%. The suppliers' industry, which accounts for 40% of the sector, achieved an export figure of $14.879 billion in 2024, marking a 5% increase compared to the previous year. In December, the suppliers’ industry recorded exports of $1.133 billion with a 2% increase. Last month, Germany was the leading country for exports in the suppliers' industry, with exports to this country decreasing by 1%. Significant increases in exports were seen to important markets such as France (8%), Romania (26%), the USA (37%), and Morocco (29%), while exports to the UK decreased by 10%, to Italy by 14%, and to Russia by 52%.
The passenger cars product group recorded an export of $1.307 billion in December with a 19% increase, making it the largest product group in automotive exports. Last month, significant export increases were observed in passenger cars to key markets such as France (25%), Italy (26%), Germany (27%), Slovenia (412%), and Belgium (232%).
In December, the exports of motor vehicles for goods transportation also increased by 19% to $601 million, while in this product group, there were decreases in exports to the UK (9%) and Italy (12%), but increases were observed for Germany (280%), France (81%), and Spain (50%).
The exports of buses-minibuses-midibuses decreased by 11% to $257 million in December, with this product group recording significant export increases to France (87%) and the USA (328%), but decreases to Germany (48%), Italy (31%), and Spain (54%). Last month, exports of trucks also saw a decrease of 28%, totaling $101 million.
Germany was the largest market last year. The exports to Germany, the biggest market for automotive, reached $4.856 billion. There were increases in exports to the previous year's second-largest market, the UK (25%), Italy (9.5%), Slovenia (33%), the USA (19%), and Romania (33.5%), while exports to Russia fell by 16% and to Sweden by 21%.
In December, France became the largest market with a 26% increase compared to the same period the previous year, totaling $513 million in exports. Exports to Germany, leading the year, saw a 14% increase to $432 million in December. Exports to Italy also saw a 2% increase to $338 million, with significant increases to Slovenia (106%), Belgium (31%), the USA (54%), Romania (20%), Morocco (34%), while exports to Russia decreased by 54% and by 21% to Portugal.
Exports to EU countries in 2024 reached $25.3 billion, making them the largest country group with a share of 68.2%. Last year, exports to other European countries increased by 25%, to the North American Free Trade Area by 17%, and to Oceania by 55%, while exports to Middle Eastern countries decreased by 19%, and to the Commonwealth of Independent States by 11%.
In the December 2024 period, exports to EU countries, which accounted for 71.8% of automotive exports, totaled $2.469 billion with an 18% increase. Last month, other European countries ranked second among country groups with an 11.8% share, recording a 3% increase in exports. In December, exports increased by 23% to the North American Free Trade Area, while exports to the Commonwealth of Independent States decreased by 25%, to African countries by 30%, and to Middle Eastern countries by 47%.