Exports of Turkish automotive industry grow in March
Turkish automotive industry diverted its sales to overseas sales in direct relation to the economic depression and hence the exports of the industry have been gradually growing since the beginning of the year. Exports performed during the first quarter of 2003 revealed and increase of 52.5% reaching a total value of $1.5 billion. A record growth of 69.5% was achieved in January followed by and increase of 37.4% in February. According to the official data released, the exports increased by 52.2% in March 2003. Total $1.5 billion export value recorded in first quarter of this year is 57% higher than last year same period exports worth $953million while exports in the month of March this year turned out to be 53% higher than last year March results of $386 million. It appears that the industry is mainly concentrated on European destinations, particularly EU member states. Germany is the major market by receiving the 47.7% share of total Turkish exports. It is followed by Italy, France and Spain as targets of Turkish auto exports.