The improvement in the export climate continued in the third month
The Istanbul Chamber of Industry (ICI) Turkish Manufacturing Export Climate Index, which measures the operating conditions of the Turkish manufacturing sector in major export markets, was 53.1 in April.
According to the statement made by ISO, the results of the ISO Turkey Manufacturing Export Climate Index for the April 2023 period have been announced.
All measured figures above the threshold value of 50.0 in the index indicate an improvement in the export climate, while values below 50 indicate deterioration.
The index, which was 52.6 in March, went to 53.1 in April and the threshold value remained above 50.0 for the third consecutive month, continuing the improvement in the export climate. The improvement experienced also occurred at the most significant level of the last year.
GERMANY SIGNS IMPROVEMENT
Production growth in Germany, which is the largest export market for the Turkish manufacturing sector with a 9 percent share, gained momentum and reached the highest speed of last year in April, pointing to an improvement after the slowdown earlier this year. .
Similarly, while the growth rate in the UK reached the highest level of last year, economic activity in the US registered the strongest increase in 11 months.
Although France, Italy and Spain remained in the growth zone in the first month of the second quarter, signs of weak demand in the European manufacturing sector drew attention. Production in the Netherlands, Austria, Poland and the Czech Republic fell in April.
GROWTH SPEED IN THE UAE IS AT THE TOP OF THE LAST 6 MONTHS
Some regions of the Middle East also maintained their strong growth trend in April. The United Arab Emirates (UAE) registered a significant expansion in non-oil economic activity and its growth rate reached the highest level in the last 6 months.
Production picked up slightly in Saudi Arabia, while Qatar continued its strong growth. The continued decline in economic activity in Egypt and Lebanon was recorded as a relatively negative development.
While production declined in South Africa and Kenya, relief from the cash crunch in Nigeria provided a pick-up in economic activity.
Growth, which began in China with the relaxation of epidemic restrictions earlier this year, continued in April as the country’s economy continued its recovery trend. Production showed a strong increase, although it slowed down slightly.
India, where economic activity has increased at the fastest pace since July 2010, remained one of the fastest growing countries among the economies covered by the PMI survey. Production also improved in Brazil and Russia.
THE FASTEST IMPROVEMENT OF THE LAST YEAR
Andrew Harker, director of economics at S&P Global Market Intelligence, whose views are given in the statement, said that production growth in the 4 largest export markets of the Turkish manufacturing sector gained momentum early in the second quarter, adding that this This situation creates a solid foundation for the fastest improvement in the export climate in the last 1 year period.
Harker, “export markets showing a much healthier outlook than earlier this year will support a recovery in the manufacturing sector in the remainder of the second quarter.” he made the statement. (AA)