Data issued by Istanbul-based TKSB research shows that passenger car sales in June plunged 44% against year-ago levels to stand at 8,057 units. However, contrasting with Turkey’s recession ravaged and politically troubled domestic demand environment, car exports held up at just 5% below last year (14,199 units).
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Commercial vehicle exports grew by 40% over year-ago levels in June to stand at 7,066 units, helped by the impact of increased Transit exports by Ford Otomotiv.
TKSB says that economic conditions are expected to improve in Turkey through the rest of 2002 and in 2003. The car market is forecast to contract by 15-20% in 2002 as a whole, but expand by 25% in 2003 on the back of economic recovery.
However, TKSB notes that its projections for Turkish economic recovery could be upset by negative sentiment based around political uncertainty and a possible adverse reaction to a US-led military attack on Iraq.
