EU automotive industry generates €91.6 billion in value added from exports in 2023

Brussels [Belgium], July 17: In 2023, the EU automotive industry generated €91.6 billion in domestic value added from non-EU consumers, marking a nominal increase of 74 percent compared with 2010 (€52.7 billion) and a 7 percent rise from 2022 (€85.4 billion).
According to the Statistics Explained article on employment and value added using FIGARO data - an analysis with FIGARO data published by Eurostat today, the United States was the largest consumer of EU automotive products, accounting for 20 percent of the total EU domestic value added.
China, which has become a significant market for the EU automotive sector, saw its share grow from 9 percent in 2010 to 20 percent in 2021, but reverted to 16 percent in 2023, making that country still the second-largest consumer.
The United Kingdom was the third-largest market, contributing 15 percent to the EU's domestic value added.
Between 2010 and 2023, the EU value added from the Chinese market experienced the largest growth (from €4.8 billion to €14.8 billion, +211 percent). By contrast, Russia recorded the largest drop (from €3.2 billion to €0.9 billion, -73 percent).
In 2023, value added in the automotive industries outside the EU, driven by final consumption in the EU, reached €34.4 billion. This represents an increase in nominal terms of 130 percent since 2010 (€14.9 billion), and 6 percent compared with 2022 (€32.3 billion).
Between 2010 and 2023, the largest growths relative to the EU consumption were recorded in the automotive industry of North Macedonia (from €4 million to €194 million, +5 322 percent), Serbia (from €61 million to €500 million, +713 percent) and Mexico (from €437 million to €2 913 million, +567 percent). By contrast, Russia recorded the largest drop (from €100 million to €63 million, -37 percent).
Source: Emirates News Agency