Automotive Exports December 2022

Firms’ FX assets
at $171 billion
Foreign exchange assests of non-financial
companies declined by $260 million from
July to $171.4 billion in August, data from
the Central Bank have shown.
Liabilities of those companies, on the other
hand, fell by $2.3 billion in the same period
to $260.5 billion.
“Net foreign exchange deficit was $89.1
billion indicating a decrease of $2.02
million compared to July,” the Central
Bank said. On the asset side, deposits held
by domestic banks decreased by $970
million, while export receivables and direct
investments abroad increased by $446
million and $259 million, respectively.
“On the liability side; while domestic
loans decreased by $4.3 billion, external
loans -excluding trade credits- and import
payables increased by $1.1 billion and $993
million, respectively,” the bank said.
Short-term external loans were down by
$733 million, but longterm external loans
increased by $1.3 billion over the same
period.
Foreign trade in Turkish Lira leap 110 percent
Türkiye’s foreign trade volume in the
Turkish Liras increased by 110 percent in
the first 10 months of 2022 from a year ago
to stand at 297 billion liras, the latest data
from the Trade Ministry have shown.
Exports in the local currency amounted to
98 billion liras in January-October, rising
from 51.25 billion liras in the same period
of last year, while imports increased from
90 billion liras to 199 billion liras.
The number of countries that Türkiye sold
its products in Turkish lira was 164, while
the number of local companies engaged
in exports in local currency reached nearly
6,900 in September. The country’s exports
increased by 2.8 percent year-on-year for
an all-time-high October figure of $21.3
billion. Imports grew nearly 32 percent on
an annual basis to $29.3 billion.
Türkiye’s foreign trade gap consequently
widened more than 430 percent month
from a year ago to $8 billion.
Data from the ministry also showed that
exports of high-tech products exhibited
an annual decline of 3.2 percent to $2.2
billion, while exports of medium hightech
production rose by 12 percent to
$9.2 billion. Medium low-tech products
generated $9.5 billion in revenues, leaping
72 percent from October last year.
Nissan, Mitsubishi considering to invest in
Renault’s new electric car brand
Nissan Motor and Mitsubishi Motors may invest in Renault’s
new electric vehicle company Ampere, the French automaker
said Tuesday.
“Renault Group revolutionizes itself focusing resources on the
value chains arising from the transformation of the automotive
and mobility industry: electric vehicles (EV), software, new
mobility services, circular economy, in addition to ICE (internal
combustion engine) & hybrid vehicles,” it said in a statement.
The French automaker said it aims to list the new company
in Europe in the second half of 2023, opening to external
investors to hasten R&D and ecosystem development.
Ampere, which will be based in France and employ about
10,000 people, will also develop software for cars besides
manufacturing and selling fully electric passenger vehicles,
according to Renault.
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