Automotive sector exports in Turkey to close $11 billion
According to the statement made by the Automotive Manufacturers Association (OSD), Turkey's automotive sector output is expected to reach 750'000 units this year and automotive sector exports are projected to close to $11 billion. In 2004, automotive sector produced 850'000 units and exported $10.1 billion vehicle. Domestic demand, which decelerated after the huge increases recorded in the first five months of the year because of special consumption tax (SCT) hikes, is expected to contract in 2005. In 2005, demand for automobile will decrease by 15-20% and demand for commercial vehicle will reduce by 10% compared to 2004. OSD stated that the investments in product renovation and production productivity, which will sustain the existing exported vehicle projects, will be granted prior rank in 2005.