Manufacturing export climate index stays above 50-mark

ISTANBUL

The Istanbul Chamber of Industry (İSO) Türkiye manufacturing export index remained above the 50 no-change mark in November.

The sequence of improving demand conditions in export markets which began at the start of the year continued last month, the chamber said in a statement on Dec. 9.

At 50.6, the index was down from 51.1 in October, however, to signal a softer and only marginal strengthening of the export climate, it added.

Any reading above the 50-mark indicates an improvement in the health of the export climate.

The export climate for Turkish manufacturers continued to strengthen in November, albeit to a slightly lesser extent than was the case in October, said the chamber.

Growth in North America and the Middle East was countered to some degree by weakness in parts of Europe.

The U.S. remained a key source of improving external demand. The other strong performer of the top ten export destinations for Turkish manufacturers was the UAE.

Less positive was the performance of some of the key European export markets for Turkish manufacturers, said the statement.

“There are contrasting trends in different parts of the global economy at present, impacting demand in the regions where Turkish manufacturing exports are focused,” commented Andrew Harker, economics director at S&P Global Market Intelligence.

The ability of firms to secure new business will likely be affected by which specific parts of the world they are looking to export to, he said.