EU crisis hurts Turkey's auto exports, official says

Financial crisis in the European Union is making a negative impact on Turkey's automotive industry, heavily dependent on European exports.

EU crisis hurts Turkey's auto exports, official says

Financial crisis in the European Union is making a negative impact on Turkey's automotive industry, heavily dependent on European exports.

Head of Turkey's Automotive Industry Exporters' Union (OIB), Orhan Sabuncu, said Friday that the financial crisis in EU countries deepened, Turkey's automotive industry might face serious problems in the medium and long term.

Sabuncu said the decline in the growth rate of automotive exports observed in April was likely to continue in May. He said nevertheless the annual exports in 2010 was expected to reach 18 billion USD.

He said the end of the scrappage program in some EU member countries had a negative impact on automotive exports to these countries. "Passenger cars in Germany declined 32% in Italy, 16% in Italy, 39% in Spain and 11% in England."

Sabuncu said he could easily say that both the end of incentives to auto industry and the deepening of the financial crisis in the EU would have a negative impact on Turkey's automotive industry.

He said nevertheless Turkish exports to EU countries rose 41% year-on-year and reached 4.4 billion USD.

He said the 19% rise in April suggested that there was a decline in the growth rate of exports.


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Last Mod: 28 Mayıs 2010, 13:02
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