Remarkable decline in automotive production
Automotive production in Turkey fell by 26.7 percent year-on-year to 53,502 units in August. The decline in automobile production was sharper with 40.4 percent.
While demand cooled down due to the tightening in the automotive market, the momentum on the supply side is also downward.
According to data from the Automotive Manufacturers’ Association (OSD), total automotive production fell by 26.7 percent year-on-year to 53,502 in August. There was a faster decline in automobile production. In August, automobile production fell by 40.4 percent year-on-year to 29,398.
Along with the decline in production, a contraction in exports also drew attention. According to OSD data, automobile exports fell by 37.3 percent to 31 thousand 522 in August. In terms of value, automobile exports decreased by 32.4 percent to 630.7 million dollars.
In the same period, automotive exports decreased by 17.3 percent in terms of units. In terms of value, a more limited decline was observed in automotive exports. According to the data, Turkey’s automotive exports in August decreased by 5.1 percent to 2.7 billion dollars.
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