ICI Türkiye Export Climate Index rises to 51.0 in May

• 10.06.2025
• News

The Istanbul Chamber of Industry Türkiye Manufacturing Export Climate Index ticked up to 51.0 in May, posting above the 50.0 no-change mark for the seventeenth consecutive month. It signaled a further strengthening in the export climate for Turkish manufacturing exporters. The latest improvement was only slight, but slightly more pronounced than that seen in April. 

The rate of expansion reaccelerated in the US, while some Middle East countries like UAE, Saudi Arabia and Kuwait continued to see sharp increases in output. In Europe, sustained increases in business activity were seen in Italy, Spain and the Netherlands, but France and Germany remained in contraction zone. The UK saw no change in output over the month.

The Istanbul Chamber of Industry (ICI) Türkiye Manufacturing Export Climate Index, which measures the business conditions in the key export markets of the Turkish manufacturing sector, announced the results of the index for May 2025. The index figures above the 50.0 no-change mark signals an improvement in the export climate, while the figures below signals a deterioration.

The Istanbul Chamber of Industry Türkiye Manufacturing Export Climate Index ticked up to 51.0 in May from 50.8 in April. As such, the index posted above the 50.0 no-change mark for the seventeenth consecutive month to signal a further strengthening in the export climate for Turkish manufacturing exporters. The latest improvement was only slight, but slightly more pronounced than that seen in April.

The US registers a solid increase in output again

The US, which is the second-largest export market, registered a solid increase in output during May, with the rate of expansion reaccelerating after easing to a 19-month low in April. Alongside the US, the Middle East remained a key source of export opportunities midway through the second quarter. The UAE posted a marked monthly rise in non-oil business activity, although the pace of expansion eased to the weakest since September 2021. Softer, but still sharp increases in output were also seen in Saudi Arabia and Kuwait, while activity fell in Egypt, Lebanon and Qatar. 

Mixed demand picture continues in Europe in May

In Europe the demand picture was mixed. Sustained increases in business activity were seen in a number of key markets, including Italy, Spain and the Netherlands. On the other hand, further reductions in output were recorded in France, Germany and Romania during May. The UK saw no change in output over the month, representing a stabilisation following a slight fall in April. Meanwhile, Russia posted a renewed expansion, ending a two-month sequence of decline.

Of all the economies covered by the report, the fastest increase in activity during May was seen in Uganda where the pace of expansion quickened to the strongest since August last year. At the other end of the scale, the most marked reduction in output was recorded in Mexico amid the impact of tariffs. Similarly, Canada continued to see business activity decline midway through the second quarter. 

Commenting on the Istanbul Chamber of Industry Türkiye Manufacturing Export Climate Index, Andrew Harker, Economics Director, S&P Global Market Intelligence, said: “Despite the variations in global trade conditions at present, there are enough pockets of growth among key export partners to mean that the overall demand climate for Turkish manufacturing exporters improved again during May. The rebound in growth in the US was a key highlight of the month, while firms will be hoping to see something similar among the larger European economies to really provide a boost to overall conditions.”

You can find attached the Istanbul Chamber of Industry Türkiye Export Climate Index May 2025 reports.