Turkey Sees Soaring Prices for Motor Vehicle Engines at $1,306 per Unit in March 2023

In March 2023, the cost of motor vehicle engines in Turkey escalated to $1,306 per unit, marking a 13% increase compared to the previous month. However, the import price remained relatively stable throughout the period under review, except for a significant surge of 17% recorded in October 2022. The price reached its peak at $1,432 per unit in June 2022 but then slightly declined from July 2022 to March 2023. There were varying price levels among the major supplying countries, with South Korea having the highest price of $2,176 per unit, while China offered a comparatively lower price of $239 per unit. The import prices for motor vehicle engines from South Korea experienced the most notable growth rate of 1.4% from March 2022 to March 2023, while other major suppliers showed more modest growth rates. Different types of motor vehicle engines also exhibited significant price variations. The engines with the highest price were reciprocating piston engines used for vehicle propulsion with a cylinder capacity exceeding 250cc but not exceeding 1000cc, costing $2,110 per unit. On the other hand, engines with a cylinder capacity not exceeding 50cc had the lowest price at $194 per unit. Regarding imports, Turkey witnessed a decline in the number of motor vehicle engines imported in March 2023, totaling 88K units, indicating a 5.9% decrease compared to the previous month. However, the total import volume showed a slight increase over the last twelve-month period, growing at an average monthly rate of 1.1%. Notably, imports surged by 25.5% in March 2023 compared to January 2023, with the most significant growth recorded in February 2023 at 33% month-on-month. In terms of value, motor vehicle engine imports reached $115M in March 2023. The total import value showed an average monthly increase of 1.2% during the period from March 2022 to March 2023, with notable fluctuations in between. Imports peaked at $147M in December 2022 but remained at a lower figure from January 2023 to March 2023. The main products imported to Turkey in terms of motor vehicle engines were engines (37K units), reciprocating piston engines with a cylinder capacity exceeding 250cc but not exceeding 1000cc (24K units), and reciprocating piston engines with a cylinder capacity not exceeding 50cc (15K units), collectively accounting for 86% of total imports. China was the leading supplier, followed by the UK and Romania, with a combined share of 58% of total motor vehicle engine imports to Turkey. South Korea experienced the most significant growth rate among the main suppliers, with a CAGR of 13.4%. In terms of value, Romania, South Korea, and the UK were the top suppliers to Turkey, comprising 59% of total imports. South Korea demonstrated the highest growth rate in import value with a CAGR of 14.9%.

Source: IndexBox Market Intelligence Platform