ICI Released ICI Türkiye Manufacturing PMI and Türkiye Sector PMI May 2026 Report

• 01.06.2026
• News

The ICI Türkiye Manufacturing PMI moved much closer to the 50.0 no-change mark during May, posting 49.8. The PMI was at its highest since March 2024 and signalled a near-stabilisation of business conditions. May data pointed to a renewed increase in manufacturing production, a marked turnaround from the sharp slowdown in output seen during April.

The Istanbul Chamber of Industry’s Türkiye Sector PMI report for May indicated that challenging business conditions persisted across most of the manufacturing sector. Only a limited number of sectors saw increases in output and new orders, while inflationary pressures remained high. Supplier delivery times increased in nearly all sectors. The clothing and leather goods sector was the only one to record an increase in output in May, as it did in April, The most significant slowdown in output was recorded in the textile sector. New orders in food products also rebounded. As with output, the sharpest slowdown in new orders was observed in the textile sector. While international demand remained weak, new export orders increased only in the chemicals, plastics, and rubber sectors, as well as in the clothing and leather products sector. 

Istanbul Chamber of Industry (ICI) released the May 2026 results of Türkiye Manufacturing PMI (Purchasing Managers’ Index) survey, which is recognized as the fastest and reliable indicator of the manufacturing industry’s performance in the economic growth. According to the results of the survey where any figure greater than 50.0 indicates overall improvement of the sector, the headline PMI moved much closer to the 50.0 no-change mark during May, posting 49.8 following a reading of 45.7 in April. The PMI was at its highest since March 2024 and signalled a near-stabilisation of business conditions. May data pointed to a renewed increase in manufacturing production,a marked turnaround from the sharp slowdown in output seen during April. 

Panellists reported signs of improving demand, particularly internationally. In fact, new export orders increased in May, ending a 20-month sequence of moderation. The rise in exports helped to limit the extent of the slowdown in total new business, which nonetheless eased slightly during the month. Where new orders moderated, panellists linked this to uncertainty, higher prices and the war in the Middle East. Employment also continued to be scaled back, albeit to the smallest extent in 2026 so far. Purchasing activity expanded for the first time in just over two years as some firms looked to stockpile inputs amid rising prices and supply-chain disruption caused by the war in the Middle East. Despite this, stocks of purchases continued to soften, albeit at a much slower pace than in April. Input costs increased sharply, often linked by panellists to the war in the Middle East. Higher prices for fuel, oil, metals and transportation were mentioned in particular. The rate of inflation eased, however, and this was also the case with regards to output prices. The conflict also caused longer delivery times, with vendor performance deteriorating for the seventh consecutive month in May.

Commenting on the Istanbul Chamber of Industry Türkiye Manufacturing PMI survey data, Andrew Harker, Economics Director at S&P Global Market Intelligence, said: “The Turkish manufacturing sector moved in a more positive direction in May as renewed growth of exports helped to support a slight rise in production. Purchasing activity was also up, although at least some of this increase was due to safety stock building amid disruption caused by the war in the Middle East. There is some question therefore as to whether the expansions seen in May can be sustained given ongoing sharp rises in input costs and supply-chain delays. Much will likely depend on whether total new orders can join exports in growth territory in the months ahead.”

According to the ICI Türkiye Sector PMI, only a limited number of sectors see an increase in output

The Istanbul Chamber of Industry’s Türkiye Sector PMI report for May indicated that challenging business conditions persisted across most of the manufacturing sector as of the middle of the second quarter. Only a limited number of sectors saw increases in output and new orders, while inflationary pressures remained high. Supplier delivery times increased in nearly all sectors. The clothing and leather goods sector was the only one to record an increase in output in May, as it did in April, which gained slight momentum compared to the previous month. The most significant slowdown in output was recorded in the textile sector. In May, new orders in the clothing and leather goods also increased for the second consecutive month. New orders in food products also rebounded. As with output, the sharpest slowdown in new orders was observed in the textile sector. While international demand remained weak, new export orders increased only in the chemicals, plastics, and rubber sectors, as well as in the clothing and leather products sector. Despite the improvement in exports, the chemicals, plastics, and rubber sector continued to face strong inflationary pressures. 

Input cost inflation reached its highest level in over four years, while significant increases were also observed in selling prices. Both input and selling prices in the sector recorded the fastest rise among the ten categories tracked in the survey. In May, the lowest-rate increases in input costs were recorded in food products and clothing and leather goods. The most moderate increases in finished goods prices were measured in textiles and land and sea vehicles. Supply chain disruptions remained among the key developments highlighted in the report for May. Lead times increased across all sectors except machinery and metal products. The most significant delays were recorded in the chemicals, plastics, and rubber sector, where the deterioration in supplier performance reached its highest level since February 2024. May data signalled that companies were making efforts to build up inventories. While purchasing activity increased in the clothing and leather goods sector, the pace of contraction in purchasing volumes slowed in six of the remaining nine sectors. However, an increase in input inventories was observed only in the clothing and leather goods sector.

You can find attached the Istanbul Chamber of Industry Türkiye Manufacturing PMI and Sector PMI May 2026 reports.