ICI Turksih Export Climate Index Increased to 51,1 In January
Istanbul Chamber of Industry (ICI) Turkish Manufacturing Industry Export Climate Index January, the leading indicator measuring the activity conditions of Turkish manufacturing sector on main export markets increased to 51,1 in January. The strongest improvement of the last five months realized in the export clime. Fundamental export markets were observed to experience improvement tendency.
While the growth accelerated in the Europe, the production increase in USA realized in the highest speed since March 2019. Germany which is the biggest market of Turkish manufacturing industry experienced growth for the second month successively. Production in United Kingdom and Italy passed to the growth area.
The January 2020 results of Istanbul Chamber of Industry (ICI) Turkish Manufacturing Industry Export Climate Index which measures the activity conditions of Turkish manufacturing industry at main export markets were announced. All figures to be measured above 50,0 which is the threshold in index points out to the recovery while others to be measured under 50,0 point out to the deterioration in export climate.
According to the data announced as independent to seasonal impacts, ICI Turkish Manufacturing Sector Export Climate Index which was recorded as 50,3 in December increased to 51,1 in January. The latest data pointed out to a moderate improvement in the export conditions of Turkish manufacturing sector based on the most distinctive refreshment in export conditions since the last august. The increase pointed out by the index at the beginning of 2020 reflected the improvement trend observed in some fundamental export markets.
Production increase realized in the highest speed in USA
While the growth accelerated in Europe, the demand conditions in the biggest economy of the world continued to gain strength. Growth speed of economic activity throughout USA increased for the third time successively. The production increase in USA realized in the highest speed since March 2019. Germany which is the biggest market of Turkish manufacturing industry experienced growth in January for the second month successively. The expansion in economic activity was recorded on a moderate level however, it gained speed at the end of 2019. Recession which had been experienced for five months in United Kingdom and for two months in Italy ended and production passed to the growth area. Production recorded a moderate increase in Spain and France and this increase lost speed compared to the previous month. The Netherlands became the biggest export market of which production volume decreased in January depending on the moderate decrease in the manufacturing sector.
Saudi Arabia came to the forefront in Middle East
Complicated signals were received from Middle Eastern countries at the beginning of the year. Saudi Arabia where the intense increase maintained its existence in economic activity continued to come to the forefront throughout the region. On the other hand, while the production calmed down in United Arab Emirates, economic activity experienced shrinkage in Egypt, Qatar and Lebanon. India which experienced a distinct improvement in its demand conditions became of the economies which put forward the best performance of January. Production increase was recorded in the highest level of the last seven years in the country. However, the share of India which it has taken out in export market of Turkish manufacturing industry realized under 1 percent. Growth was recorded in other BRIC countries. While the growth accelerated in Russia and Brazil, it maintained its moderate increase tendency in China. PMI index which has been newly created for Kazakhstan constituting the 0,5 percent of Turkish manufacturing export pointed out that the economic activity was receded in the first month of the year.
You can access to all January 2020 reports of Istanbul Chamber of Industry Turkish Export Climate Index by means of the attached files.