Car market in Turkey drops for 6th consecutive month
Thursday, July 03, 2014
ISTANBUL – Turkey's car market shrunk by 19 percent in June compared to the same month last year, contracting for the sixth consecutive month in 2014, Automobile Distributors' Association (ODD) said on Thursday.
According to report released by the association, car sales in June declined to 60,163, a 19 percent decrease year-on-year in its sixth consecutive drop.
With this downward trend, the overall car sales in the first half of the year contracted by 24.85 percent, declining from 381,743 to 286,861.
On February 1 this year, the Banking Authority of Turkey (BDDK) imposed new measures to curb the use of loans to restrict the country´s growing inflation and current account deficit making the purchase of cars more difficult after drastic rate rises were introduced by the Central Bank on 29 January.
Nonetheless, domestic motor vehicles and car parts industry, frustrated with the stagnation of the automobile market in Turkey, increased its exports by 12 percent , bringing $11.71 billion revenue in the first half of the year.
Copyright © 2014 Anadolu Agency