52-month high in export markets

Istanbul Chamber of Industry (ISO) Turkish Manufacturing Sector Export Markets Climate Index reached 53.2 in September, reaching the highest level of the last 52 months. The index, which was at 52.7 in August, thus indicated that the improvement in demand conditions in export markets accelerated for the fifth consecutive month.

50 is accepted as the threshold value in the index that measures the operating conditions of the Turkish manufacturing sector in the main export markets. Values ​​above 50 indicate improvement in the export climate, while values ​​below 50 indicate deterioration.

While the index rose to 53.2 in September, it has been above the 50 threshold every month since January 2024.

Production increased in nine of the 10 largest export markets of the Turkish manufacturing industry in September. Among these countries, manufacturing industry production declined significantly only in Poland.

While economic activity in the USA increased strongly, the growth momentum reached its highest pace in more than five years. Signs of improvement continued in European economies.

Production increases continued in Germany, the United Kingdom, Italy, Spain, Romania and the Netherlands. In France, economic activity increased for the first time in more than two years, albeit at a limited level.

Exports to these European economies constitute 34 percent of Türkiye's total manufacturing industry exports.

Among the economies monitored within the scope of the survey, the strongest production increase occurred in the United Arab Emirates (UAE). Growth in the UAE reached its fastest pace since February, just before the start of the war in the Middle East.

Economic activity in some other countries in the Middle East also finished the third quarter with an increase. While growth was recorded in Saudi Arabia, Kuwait and Lebanon, production continued to decline in Qatar. There was a significant contraction in Egypt.

The contraction in Egypt was the steepest decline among all economies monitored within the scope of the survey in September.

S&P Global Market Intelligence Economics Director Andrew Harker stated that the acceleration in global economic activity seen during the third quarter continued in September.

Harker said, "This acceleration was largely due to the strong increase in economic activity in the United States and growth reaching its highest pace in more than five years." he said.

Stating that the improvement in operating conditions is not limited to the USA alone, Harker stated that the number of economies expanding in Europe has increased and the UAE is leading in growth.