Automotive Exports May 2022

commodities have been disrupted since
Russia’s Feb. 24 invasion of Ukraine.
Surging oil prices hit their highest since
2008 at more than $139 a barrel in March
after the war exacerbated supply concerns
that were already fuelling a price rally.
As a result, the World Bank expects energy
prices to rise more than 50% in 2022
before easing in 2023 and 2024, while nonenergy
prices, including agriculture and
metals, are seen climbing by almost 20% in
2022 before moderating.
“The ongoing war, the growing tension in
this context, and the Russian response to
Europe’s efforts to permanently reduce
its energy dependence on Russia do not
reduce the persistence of high prices in
energy commodities and the risk of price
fluctuations off the agenda,” Muş said.
“Therefore, I would like to emphasize once
again that the increase in our imports is
due to the excessive increase in world
energy prices,” he stressed.
“Despite all these negatives in energy
prices, when we evaluate the data, we can
state that our country has shown a fairly
strong export performance compared to
the same period last year.”
January-April exports jumped 21.4% yearover-year
to around $83.6 billion, the data
showed, while imports climbed 40.1%
to nearly $116.1 billion. Turkey’s exports
totaled a record $225.4 billion in 2021 and
the government and economists expect
they will reach $250 billion this year. The
12-month rolling export figure reached
$240 billion as of April, Muş said.
Muş recalled that the World Trade
Organization (WTO) last month revised its
forecast for global trade growth this year to
3%, down from 4.7%.
It attributed it to the impact of the Russia-
Ukraine war and warned of a potential food
crisis caused by surging prices.
The global trade watchdog also lowered its
import growth forecast for the European
Union, Turkey’s biggest trade partner, to
3.7%, down from 6.8%.
+++Germany top market
Turkish Exporters’ Assembly (TIM) head
Ismail Gülle said records were broken in
18 out of the last 20 months, expressing
expectations that the country could reach
the $250 billion target before year-end.
“Based on the figures, excluding energy, we
managed to register a foreign trade surplus
this month,” Gülle said.
“Now we can clearly see that Turkey has
begun to reap the fruits of its breakthrough
in exports.”
Germany remained the biggest export
market in April as it purchased $2 billion
worth of Turkish goods, the data showed.
It was followed by the U.S. with $1.8
billion and the U.K. with $1.2 billion.
Sales to 27 countries, including Germany,
the U.S., Israel and Spain, saw their
highest levels ever, Gülle said.
Exports to the European Union jumped
29% year-over-year to reach $10 billion.
The bloc accounted for 42% of Turkey’s
overall sales last month.
Among others, exports to sub-Saharan
Africa topped $1 billion on monthly basis
for the first time, a 68% year-over-year
increase, Gülle said.
The chemical industry outpaced the
automotive sector as it hit an all-time
high of $3.3 billion in exports to rank
first in April. The automotive industry
followed with $2.7 billion and ready-towear
with $2 billion, the data showed.
Exports made with Turkish lira surged
55% year-over-year to TL 8.7 billion, said
Gülle.
He also informed that some 2,080 new
firms joined the export family in April,
achieving $123.4 million worth of sales.
The number of firms making exports has
thus reached 48,938, Gülle added.
May
2022
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