The European auto industry achieves an added value of 91.6 billion euros of exports in 2023
Brussels, July 16 / WAM / The European Union auto industry has strengthened its global presence in 2023, achieving a local added value of 91.6 billion euros of exports outside the borders of the Union, an increase of 7% over 2022, and with a nominal growth of 74% compared to 2010.
Recent statements issued by the European Statistical Office (Eurostat) showed that the United States has maintained its lead as the largest European car market, which is accommodated by 20%of the total value added, followed by China by 16%, then the United Kingdom with a share of 15%.
Although its share has declined from the peak of 2021, the Chinese market has witnessed the largest leap in the added value since 2010, with a growth of 211% to 14.8 billion euros.
On the other hand, according to Eurostat, the added value in the auto industries outside the European Union resulting from European demand reached 34.4 billion euros in 2023, and the most prominent producers in Japan benefited 14%.
The data also revealed the rise of countries that have become rival industrial centers, as Mexico’s contribution to meeting the European demand jumped by 567% to 2.9 billion euros, and Serbia by 713% to 500 million euros, while North Macedonia achieved growth exceeding 5,322%, and in return, Russia’s contribution decreased by 37%.
Ma/Matt
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