ICI Türkiye Export Markets Climate Index posts 50.3 in March

• 08.04.2026
• News

The Istanbul Chamber of Industry’s Türkiye Manufacturing Sector Export Markets Climate Index posted 50.3 in March, signaling an improvement in demand conditions in export markets for the 27th consecutive month. However, its decline from February’s level of 52.1 indicated that the improvement in export market conditions remained quite limited and that the current strengthening process was occurring at its lowest rate. 

In the U.S., which accounts for approximately 6% of Türkiye’s manufacturing exports, output growth continued to weaken. In Germany, Türkiye’s largest export market, growth lost momentum and remained moderate. And in the United Kingdom, business activity remained largely flat following five consecutive months of growth. In Italy, output declined for the first time in 14 months, while declines continued in France and Romania. In Russia, output edged down after two months of growth. The war in the Middle East led to a slowdown in growth in the UAE. Output declined also in Saudi Arabia, Kuwait, Qatar, and Lebanon.

The Istanbul Chamber of Industry (ICI) Türkiye Export Markets Climate Index, which measures the business conditions in the key export markets of the Turkish manufacturing sector, released the results for March 2026. The index figures above the 50.0 no-change mark signals an improvement in the export climate, while the figures below signals a deterioration. Türkiye Manufacturing Sector Export Markets Climate Index posted 50.3 in March, signaling an improvement in demand conditions in export markets for the 27th consecutive month. However, its decline from February’s level of 52.1 a slight improvement in export market conditions and that the current strengthening process was occurring at its lowest rate.

Output growth in the U.S. continues to weaken, while growth in Germany also loses momentum

In the U.S., which accounts for approximately 6% of Türkiye’s manufacturing exports, output growth continued to weaken. The expansion in business activity was quite limited in March, recording at the slowest pace in the past two and a half years. In Germany, Türkiye’s largest export market, growth also moderated as momentum slowed. And in the United Kingdom, economic activity remained largely flat in March following five consecutive months of growth. Business activity also contracted in some other key export markets for Türkiye’s manufacturing sector. In Italy, output declined for the first time in 14 months, while declines continued in France and Romania. In Russia, output edged down after two months of growth. The relatively positive development of the month was the continued improvement in demand conditions in Spain and the Netherlands, and the acceleration of growth compared to February.

War in the Middle East Slows Growth in the UAE

The war in the Middle East led to a slowdown in growth in the United Arab Emirates in March. Here, the increase in non-oil business activity occurred at the slowest pace in nearly five years. Looking at other economies in the region, output also declined in Saudi Arabia, Kuwait, Qatar, and Lebanon. In March, the most significant increase in output among the economies monitored under the survey was recorded in Singapore. Business activity in this country showed rapid expansion. India, Thailand, and Uganda were also among the countries where output increased strongly. However, these economies account for relatively small shares of Türkiye’s manufacturing exports.

Commenting on the Istanbul Chamber of Industry Türkiye Manufacturing Export Markets Climate Index, Andrew Harker, Economics Director, S&P Global Market Intelligence, said: 

“The war that began in the Middle East in March disrupted trade and drove up prices in some countries, leading to a slowdown in global demand growth. As a result, the performance of Turkish exporters in the coming months will depend largely on the duration of the war and how quickly supply chain disruptions can be resolved.”

You can find attached the Istanbul Chamber of Industry Türkiye Export Markets Climate Index March 2026 reports.