Turkey is located at the junction of Europe, the Middle East and Russia, and its geographical location is superior. The automobile industry is one of Turkey’s five strategic industries and a pillar industry for Turkey’s economic development. At present, Turkey has won the title of production center of major automobile companies in the world, the fifth largest automobile manufacturer in Europe and the fifteenth largest automobile manufacturer in the world.
2023 On February 6, 2009, two strong earthquakes of magnitude 7.8 occurred in southern Turkey near the Syrian border within 12 hours. This earthquake is the strongest earthquake recorded in Turkey since 1939. A report released by the World Bank on February 27 shows that the two extraordinary events that occurred on February 6 The earthquake caused about 34.2 billion U.S. dollars in direct losses to Turkey, and the cost of recovery and reconstruction work may be twice that of the direct losses, and the economic losses caused by the earthquake will also have an impact on Turkey’s GDP growth in 2023.
Fortunately, Turkish automobile manufacturing companies are mainly located in the Marmara region in the northwest, while major earthquakes are concentrated in the south of the country. Therefore, the impact of the earthquake on the entire automobile industry in Turkey is not very great. Statistics from MARKLINES show that in January 2023, Turkey’s automobile production increased by 23.5% year-on-year to 11,837 units, sales increased by 34.8% year-on-year to 39,692 units, imports increased by 61.2% year-on-year to 34,291 units, and exports increased by 16.9% year-on-year % reached 79,381 vehicles. In February 2023, automobile production increased by only 6.0% year-on-year to 105,644 units, and sales volume was 84,826 units, a year-on-year increase of 6.8%. Automobile imports increased by 60.3% year-on-year to 47,164 units, and the export volume was the same as in January.
Figure 1 January 2022-February 2023 Automobile Production and Sales in Turkey (Unit: Unit)
Data source: MARKLINES
The Turkish Statistical Institute released data on February 28 showing that the gross domestic product (GDP) will grow by 5.6% in 2022, which is higher than outside expectations, and the overall economic recovery is improving. Turkey’s population is growing rapidly, the proportion of young people is relatively high, and the demand for car replacement is strong. In addition, Turkey’s auto industry has become an important part of the global production base network with its clusters of automakers and parts suppliers. . The automobile manufacturing industry has always been an important consumer market for polyurethane products. Car seats are the largest downstream of molded foam. In the production of molded foam for car seats, the main two raw materials are polyether polyols (high resilience 330N and High resilience POP) and B material isocyanate (TDI, MDI). With the continuous development of the automobile industry, the consumption of polyether polyols in Turkey will also increase significantly.
In recent years, the export volume of other polyether polyols in primary forms in my country has increased significantly, the domestic production capacity of polyether polyols has continued to expand, the market structural surplus has become increasingly obvious, and price competition among enterprises is fierce. More and more of suppliers began to target overseas markets in order to solve the problem of excess capacity. Turkey is an important node of the “Belt and Road” and maintains very close economic and trade exchanges with China. According to customs statistics, the top ten countries in the cumulative export volume of other polyether polyols in primary form from January to February 2023 mainly include Turkey, Indonesia, and the Russian Federation, with a total export volume of 144,879 tons, accounting for 52.6%. Among them, Turkey, which ranked first, accounted for 13.5% of the export volume, reaching 37,096 tons.
Figure 2 China’s primary shape of other polyether polyols exported to TOP10 countries from January to February 2023 (unit:t)
Data source: General Administration of Customs of the People’s Republic of China
3On March 23, the Monetary Policy Committee of the Central Bank of Turkey announced that it would maintain the benchmark interest rate at 8.5%. Change. Concerns about geopolitical risks and interest rate hike policies persisted despite data showing better-than-expected economic activity, the statement said. At present, the Central Bank of Turkey is making a wider assessment of the impact of the earthquake on production, consumption, employment, etc. It is expected that the earthquake will have an impact on economic activities in the short term, but will not have a permanent impact on the medium-term performance of the economy. The Turkish central bank believes that the current monetary policy is sufficient to support the economic recovery after the earthquake by maintaining price and financial stability. Afterwards, the Turkish auto industry is expected to continue to maintain its growth momentum, which will also benefit my country’s export of polyether polyols to Turkey to a certain extent.
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