According to a new list produced by the Turkish Exporters Assembly (TIM), car manufacturers account for five out of the top 10 exporters in the country.
The top spot is held by the largest oil refining company in Turkey which is the Turkish Petroleum Refineries Corporation, but five of the top places have been filled by major car manufacturers, including Ford Otasan, Tofas, Turk Otomobil, Toyota, Oyak Renault and Kibar Dis Ticaret AS which produces cars for Hyundai to sell overseas.
Last year Turkish exports were worth nearly $135 billion, an increase of 18% on the year before. During the past couple of years Turkish exports have grown by around 35% which is quite remarkable when the crisis in Europe is taken into account. Europe is Turkey’s largest export market.
According to data from TIM, car exports were worth more than $20 billion last year, with the next largest markets being chemical products and ready to wear clothing, each of which were worth more than $16 billion. The steel industry was worth $15 billion.
The current Prime Minister has put in place a set of Centennial goals which he hopes will be reached by 2023, and one of these goals is for export volumes to reach the $500 billion a year. This year exports are expected to increase by 11% to more than $149 billion. If this current rate of growth can be maintained, then by 2023 Turkish exports will account for $470 billion which is only slightly below the government target.