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Türkiye's Trade Minister Omer Bolat said Monday the country expects to exceed $40 billion in automotive exports this year and likely reach $41 billion, building on the sector's 15-year streak as the nation's leading export industry.
"We will exceed $40 billion this year and hopefully will be able to say 41. We will say 'mashallah' 41 times for automotive exports. Our automotive exports increased 14% in the first seven months of this year. If we can maintain this pace, we will easily reach an average of 41," Bolat said at a meeting with automotive sector representatives at YEDPA Trade Center.
The automotive sector exported $37.2 billion last year, with $16 billion coming from the supply industry and $24 billion from Turkish suppliers when including their share in vehicles sold by the main industry, according to Bolat.
Türkiye currently ranks as the world's 13th largest automotive sector with a production of 1.468 million units and is fourth in Europe.
The sector employs 400,000 people directly in manufacturing, with total employment exceeding 1 million when including suppliers, spare parts dealers, services, and repair shops.
"Türkiye started its automotive industry journey in 1971 with assembly and gradually increased its domestic share. The Turkish car and the Turkish supply industry have become symbols of technology and quality in Europe," Bolat said.
Bolat highlighted progress in Türkiye's economic stabilization program, noting that inflation has been declining for 14 consecutive months across all indices, including wholesale, consumer prices, food prices, and services.
"Growth projections are being revised upward by economic institutions worldwide for Türkiye's year-end forecast. They have started showing 3% and above, and we will achieve this," he said.
The minister noted improvements in fiscal balance, with budget deficit concerns of exceeding 10% of gross domestic product (GDP) now below 5%. The current account deficit closed at $10 billion last year and is targeted at around $20 billion this year.
The minister announced support for companies adapting to the European Green Deal, which takes effect Jan. 1, 2026.
"If you have a project within the framework of Green Deal compliance, we support 50% of your training and consultancy service expenses, up to a total of ₺13.645 million ($333,8) for this year," Bolat said.
Bolat pointed to weakening global trade, with expected world growth of 2.6-2.8% this year, but export growth expected at only 0.9%.
"The rate of increase in world trade has started to fall below the rate of increase in world growth. This is an important problem for the world," he said, noting that trade and customs wars have begun under the name of protectionism globally.
The minister lastly noted the global transformation in the automotive sector, with 11.7 million electric vehicles sold worldwide last year and rapidly increasing electric vehicle sales in Türkiye.
Major automotive manufacturers operating in Türkiye include Ford Otosan, Toyota, Hyundai Assan, Oyak Renault, Tofas, and the domestic electric vehicle manufacturer Togg.
"We adopt balanced trade. We work with those who want to do balanced trade," Bolat said, emphasizing the government's commitment to protecting domestic producers while maintaining international competitiveness.
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