The Istanbul Chamber of Industry (ISO) introduced the outcomes of the Türkiye Manufacturing Sector Export Climate Index for June 2024 on Monday, revealing an index of 51.6 for the month.
All figures above the brink worth of fifty within the index point out an enchancment in export situations, whereas values under 50 counsel deterioration.
The index remained above the brink worth in June, marking the sixth consecutive month-to-month enchancment in demand situations in Turkish export markets.
After reaching 52.8 in May, the index declined to 51.6 in June, marking the bottom stage since March and signaling a slowdown in strengthening the export local weather.
In June, the United Arab Emirates (UAE) recorded the strongest financial enlargement amongst Türkiye’s main export markets regardless of manufacturing progress reaching its lowest price in about 18 months.
Another notable growth occurred within the U.S., Türkiye’s second-largest export market with a share of 6%, the place financial exercise grew at its quickest tempo since April 2022.
Meanwhile, financial exercise in Germany, Türkiye’s largest export market, confirmed a slight decline in June after displaying its first enhance in a yr in May.
Production will increase in Italy, Spain and the Netherlands slowed down, whereas France continued to expertise contraction.
Looking past the Eurozone, regardless of sturdy financial progress within the U.Okay., total progress was at its lowest price up to now yr.
Central Europe confirmed indicators of weak spot in June, with manufacturing manufacturing declining in Poland and Czechia and a reasonable decline following two months of progress in Romania.
Economic exercise in Russia additionally resumed its decline. Qatar witnessed the quickest manufacturing progress amongst all nations surveyed in June, adopted by Saudi Arabia and India.
Andrew Harker, economics director at S&P Global Market Intelligence, commented, “Despite a slight slowdown in growth in June, Turkish exporters generally maintained positive demand conditions. Particularly, the markets in the U.S. and UAE supported the overall outlook.”
“The deceleration in improvement in June largely stemmed from a slowdown in economic recovery in Europe towards the end of the second quarter. Therefore, July (Purchasing Managers’ Index) PMI data will be closely monitored to determine whether this is merely a temporary slowdown or the beginning of a longer period of deceleration.”
Source: www.dailysabah.com