According to data from the Istanbul Chamber of Industry (ISO), Turkey’s Manufacturing Sector Export Climate Index reached 51.0 in May this year, compared to 50.8 in April, remaining above the 50.0 threshold for the 17th consecutive month. All figures above the threshold value of 50.0 indicate an improvement in the export climate, while figures below 50 indicate a deterioration.
The index shows a continuation of the strengthening of the export climate for Turkish manufacturing industry exporters. Although the improvement in May was moderate, it gained momentum slightly compared to the previous month.
In May, production growth in the US, Turkey’s second-largest export market, rebounded strongly after slowing to its lowest pace in 19 months in April. Production continued to grow in some Middle Eastern countries such as the UAE, Saudi Arabia and Kuwait, while economic activity declined in Egypt, Lebanon and Qatar. In Europe, economic activity grew in Italy, Spain, and the Netherlands, but contracted in Germany and France. Production remained flat in the UK.
During the given month, the strongest growth among all economies was recorded in Uganda, where production increased at its highest rate since August last year, while the most significant decline in economic activity was seen in Mexico due to the impact of customs duties. Similarly, the contraction in Canada’s production continued in the middle of the second quarter.