Turkish manufacturing activity weakens in September

ANKARA

The headline Istanbul Chamber of Industry Türkiye Manufacturing PMI posted 47.9 in September, down slightly from August’s reading of 48.1 and signaling a further modest easing of business conditions in the manufacturing sector, said a closely watched survey.

Operating conditions have now moderated on a monthly basis throughout the past two-and-a-half years, said the survey.

Softer demand conditions, in part due to uncertainty caused by the war in the Middle East, led to a further slowdown in new orders in September, with the pace of moderation quickening slightly from August, it added.

New export orders also eased as international demand remained muted, according to the survey.

Higher costs for fuel, oil and transportation due to the war in the Middle East, plus increasing raw material prices, meant that input costs rose sharply again in September, it noted.

“Higher costs for fuel, oil and transportation due to the war in the Middle East, plus increasing raw material prices, meant that input costs rose sharply again in September,” commented Andrew Harker, economics director at S&P Global Market Intelligence.

“Nonetheless, the average PMI reading for the third quarter was slightly higher than in the second, suggesting some tentative signs of recovery,” said Harker.