Istanbul Chamber of Industry (ISO) Turkey Manufacturing Sector Export Climate Index was 50.6 in January.
The January 2024 results of the ISO Turkey Manufacturing Sector Export Climate Index, which measures the operating conditions of the Turkish manufacturing sector in the main export markets, have been announced.
Accordingly, all figures measured above 50, which is the threshold value in the index, indicate improvement in the export climate, while values below 50 indicate deterioration.
ISO Turkey Manufacturing Sector Export Climate Index, which was 49.7 in December, increased to 50.6 in January 2024. In the first month of the year, demand conditions of Turkish manufacturing industry exporters improved for the first time since July 2023.
In January, the index exceeded the threshold value of 50 for the first time in the last six months.
DECLINE IN 3 OF THE 5 BIGGEST MARKETS
With the addition of Italy to the US and UK economies, which continue to be in the growth region, production increased in 3 of the 5 largest export markets of Turkish manufacturers.
This situation was effective in the export climate starting to strengthen again. It was noteworthy that the expansion in economic activity reached its highest rate in the last 6 months in the USA and in the last 8 months in the United Kingdom.
THE FASTEST GROWING MARKET UAE
Germany, the largest export market of the Turkish manufacturing industry, continued its contraction trend in January.
Production in this country decreased for the 7th month in a row, and the decrease was faster than in December. Similarly, production contracted in France.
The share of Germany and France, the two largest economies in the Eurozone, in Turkish manufacturing industry exports is approximately 13 percent. Mixed trends were observed in other euro area countries. While production increased in Spain and Greece, it contracted in the Netherlands and Austria.
The strongest growth among all economies followed within the scope of the survey was observed in the United Arab Emirates (UAE), which narrowly surpassed India.
Middle Eastern economies covered by PMI data make up approximately 7 percent of the export market. In this regard, when we look at the Middle Eastern countries, we see that production increased strongly in Saudi Arabia, moderately in Qatar, and decreased in Egypt and Lebanon.
Economic activity in Russia continued to increase in January. The rate of expansion in question was recorded at a strong level and very slightly below that in December. On the other hand, the contraction trend continued in the economies of Poland, Czechia and Kazakhstan.