Export climate index at highest level since May 2022

The results of the Istanbul Chamber of Industry Turkey Manufacturing Industry Export Climate Index for the period of March 2023, which measures the operating conditions of the Turkish manufacturing sector in the main export markets, have been announced. All figures measured above the threshold value of 50.0 in the index indicate an improvement in the export climate, undervalues ​​indicate deterioration.

The Istanbul Chamber of Industry Turkish Manufacturing Industry Export Climate Index, which was 51.7 in February, increased for the second month in a row to 52.6 in March. This data marked the most significant strengthening in the export climate since May 2022. The stronger improvement in exporters’ demand conditions stemmed from the accelerated recovery in key markets.

High growth in two major economies, Germany and the USA

Production in Germany, which has a share of approximately 15 percent in Turkish manufacturing industry exports, increased for the second month in a row and the said increase was the highest in the last 10 months. In the other country, the USA, economic activity recorded the highest increase in the last nine months. When other European countries are analyzed, it is seen that the growth gained momentum in France, Italy, Spain and Greece in March. On the other hand, while the increase in economic activity decelerated in the United Kingdom and Ireland, manufacturing industry production decreased in the Netherlands, Austria, Poland and the Czech Republic.

Increase continues in UAE and S. Arabia, recovery continues in China

At the end of the first quarter, the United Arab Emirates and Saudi Arabia continued to record strong increases in non-oil economic activity, while growth accelerated in Qatar. The continued decline in production in Egypt and Lebanon drew attention as relatively negative developments in the Middle East. However, the declines in question took place at the most moderate levels of five and seven months, respectively. With the loosening of the restrictions on the epidemic at the beginning of the year, the recovery observed in the Chinese economy continued in March and production increased at the highest rate since June last year. Similarly, growth in Russia was at the fastest pace in more than two and a half years. While India recorded a strong expansion in 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 serious impact on economic activity. As in February, the decrease in production in March was by far the highest among the countries followed within the scope of the survey.

Commenting on the Istanbul Chamber of Industry Turkey Export Climate Index, Andrew Harker, Economy Director of S&P Global Market Intelligence, said:

“With the recovery in global demand giving signs of acceleration, the most significant improvement in the export climate of Turkish manufacturers for nearly a year took place. Despite continued weaknesses in Europe’s manufacturing sector, production in eight of the top 10 export markets increased in March. These developments indicate that companies are starting the second quarter on a solid foundation that can be built on in the coming months.”

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