Automotive sector posts record deficit in 2023
The year 2023 was one in which records were broken in the domestic market for the Turkish automotive sector. However, the situation on the foreign trade front is not encouraging at all. The sector posted a record-level deficit in 2023.
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In 2023, Turkey's automotive sector experienced a challenging period on the foreign trade front, despite achieving record sales in the domestic market. When import and export figures are examined, it is seen that the sector has a record-level trade deficit.
According to data shared by EBS Consulting, Turkey's automotive sector made 11 billion 54 million dollars in exports in 2023, while imports amounted to 17 billion 524 million dollars. In this situation, the sector posted a trade deficit of 6.5 billion dollars in 2023. The previous year, the sector had posted a surplus of 1.46 billion dollars.
The country from which the most automobiles were imported was Germany, and Turkey imported 4.3 billion dollars worth of automobiles from this country. Germany was followed by Spain, France, China, and Czechia, respectively.
On the other hand, the country to which the most automobiles were exported was France, and 2.1 billion dollars in revenue was generated from this country. Following France were Italy, Spain, the United Kingdom, and Poland.
Countries with the most exports:
France: 2.1 billion dollars
Italy: 1.1 billion dollars
Spain: 1.1 billion dollars
United Kingdom: 1.1 billion dollars
Poland: 837 million dollars
Countries with the most imports:
Germany: 4.3 billion dollars
Spain: 3.5 billion dollars
France: 1.8 billion dollars
China: 1.2 billion dollars
Czechia: 1 billion dollars
In particular, the remarkable increase in China's import category, exceeding 600 percent, once again highlights China's importance in the sector.