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 <strong>2022</strong> from a year ago to stand at 297 billion liras, the latest data from the Trade Ministry have shown. <strong>Exports</strong> 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. <strong>December</strong> <strong>2022</strong> 82