The Istanbul Chamber of Industry Türkiye Manufacturing Export Markets Climate Index posted 50.3 in May, up fractionally from 50.2 in April and back to the level seen in March, a survey showed on June 8.
Any reading above the 50 no-change mark indicates an improvement in the health of the climate in export markets, with any reading below 50.0 signaling a deterioration.
The latest reading therefore signaled a continuation of the recent trend whereby demand in export markets improved only marginally overall, the survey said.
“Nonetheless, the health of the export markets climate has now strengthened in 29 consecutive months,” it added.
There was evidence of weakness in a number of European markets in May.
The two largest eurozone economies — Germany and France — each posted continued reductions in output. Meanwhile, the United Kingdom recorded a renewed decrease in output during the month. Combined, these three economies account for 19 percent of Turkish manufacturing exports.
The United States registered a sustained increase in business activity in May.
There were further signs of recovery in the Middle East following the disruption caused by the outbreak of war in the region.
The overall stability in export markets demand conditions in May masked differing trends across key regional destinations for Turkish manufacturing exports, commented Andrew Harker, economics director at S&P Global Market Intelligence.
“Overall, however, geopolitical issues look set to continue to limit international demand in the near-term at least,” he said.
