Improvement in export climate in second month
Turkey’s Export Weather Index, announced by the Istanbul Chamber of Industry (ISO), rose for the second consecutive month to 52.6 in March.
Based on ISO data, the index pointed to the most significant strengthening in the export climate since May 2022 in March.
All values above 50 in the index indicate improvement in the export climate, while values below 50 indicate deterioration.
In the ISO statement, it was indicated that “The greatest improvement in the demand conditions of exporters was due to the acceleration of the recovery in the main markets.”
THE RECOVERY OF GLOBAL DEMAND WAS EFFECTIVE
According to ISO data, production in Germany, which is the largest export market for Turkish manufacturers, increased for the second consecutive month and reached the highest rate in the last 10 months, while economic activity in the US last nine months. .
When looking at other European countries, growth picked up in France, Italy, Spain and Greece in March. On the other hand, while the increase in economic activity slowed in the United Kingdom and Ireland, manufacturing output decreased in the Netherlands, Austria, Poland and the Czech Republic.
INCREASES CONTINUE IN THE UAE AND SAUDI ARABIA
At the end of the first quarter, the United Arab Emirates and Saudi Arabia continued to post strong increases in non-oil economic activity, while growth accelerated in Qatar.
Continued declines in production in Egypt and Lebanon drew attention as relatively negative developments in the Middle East. However, the declines in question occurred at the more moderate five- and seven-month levels, respectively.
With the easing of the epidemic restrictions at the beginning of the year, the recovery seen in the Chinese economy continued in March, with output rising at the highest rate since June last year.
Similarly, growth in Russia was the fastest in more than two and a half years. While India registered a strong expansion of economic activity in March, which was positive for the BRIC economies, Brazil started to grow for the first time in the last five months.
The cash crisis in Nigeria continued to have a severe impact on economic activity. As in February, the production decline in March was by far the highest among the countries tracked within the scope of the survey.
Commenting on the index, Andrew Harker, chief economic officer at S&P Global Market Intelligence, said: “With signs of accelerating recovery in global demand, the most significant improvement in the export climate of Turkish manufacturers in almost one year”. (REUTERS, AA)