Car exports to oil-rich countries soar
Posted by meb at August 27th, 2008
Turkey’s car exports to the world’s major oil producing and exporting countries increased tremendously in the first seven months, while a slowdown was seen in exports to the European market.
Turkey’s total automotive exports rose 40.9 percent to $15.94 billion in the given period compared to the same period a year ago, the latest figures by the Uludağ Exporters’ Union (UİB) have shown. There are some countries, however, to which Turkey’s auto sales increased at rates varying between 108 percent and 445 percent. Parallel to the unprecedented increase in the wealth and prosperity of oil producing countries, which enjoyed billions of petrodollars as a barrel of oil climbed to as high as $150, the demand of oil-rich nations’ citizens for cars saw a significant increase, as well. Auto sales to the Russian market amounted to $1 billion in the first seven months, increasing 108 percent over the same period of the previous year. Qatar’s imports of cars from Turkish manufacturers soared by 445 percent in the same period. Other major markets that saw dramatic increases are Iran (167.7 percent), Azerbaijan (171 percent), Brazil (94 percent), India (106.9 percent), Libya (187 percent), Uzbekistan (244.6 percent) and Oman (123.2 percent).
source: Today’s Zaman
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