ISO: Export demand strengthened for the 14th month in a row

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ISO Turkey Export Climate Index was 53.9 in March.

The results of the Istanbul Chamber of Industry (ISO) Turkish Manufacturing Industry Export Climate Index for the period of March 2022, which measures the operating conditions of the Turkish manufacturing sector in the main export markets, have been announced. All figures measured above the threshold value of 50.0 in the index indicate improvement in the export climate, while values ​​below 50 indicate deterioration.

Istanbul Chamber of Industry Turkish Manufacturing Industry Export Climate Index was realized as 53.9 in March, showing that the improvement in the export climate of manufacturers continues. Thus, export demand strengthened for the 14th month in a row. However, the decrease in the index, which was 55.2 in February, indicated that the improvement was more limited.

Strong production growth in the USA, England and France

In March, production growth accelerated in some main export markets due to the relative decrease in disruptions caused by the Covid-19 outbreak. Economic activity in the USA and the UK recorded stronger increases compared to February. Growth rates hit eight-month highs in the US and nine-month highs in the UK. Production growth in France, one of the most important export markets in the Euro Zone, gained momentum in March. However, other countries in the region slowed down as a result of the initial effects of the war in Ukraine on supply chains and price pressures. In March, a loss of momentum was observed in the production increase of Germany, Italy, Spain and the Netherlands. In Russia, on the other hand, production fell sharply, thus ending the three-month growth period in the country. After 13 months of growth in Poland and four months in the Czech Republic, manufacturing industry production signaled a slight decline.

On the other hand, the decline accelerated in Egypt

The growth rate of non-oil economic activity in the United Arab Emirates remained strong in March and did not show a significant change compared to February. The data pointed out that the growth in Qatar has also gained momentum. The negative development in the Middle East region was that the ongoing decrease in production in Egypt reached the highest rate of the last 21 months. The most significant slowdown among the countries tracked in March was in Hong Kong. The restrictions imposed due to the severe Covid-19 wave in this country led to widespread production losses. A similar situation occurred in China, albeit at a lower intensity. Production in this country recorded the sharpest decrease in more than two years.

S&P Global Economy Director Andrew Harker, who evaluated the Istanbul Chamber of Industry Turkey Export Climate Index, said:

“Despite the resilient course of export demand conditions at the end of the first quarter, the business world confidence in the war in Ukraine Its wide-ranging effects, such as loss of money, price increases and supply chain disruptions, have the potential to limit manufacturers’ export opportunities in the second quarter of the year.”

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