SHAFAQNA TURKEY – The Istanbul Chamber of Industry Export Climate Index for Turkey’s manufacturing industry, which stood at 47.8 in November, stood at 48.5 in December, indicating that the slowdown in export conditions for Turkish manufacturers continues. Although the deterioration in external demand was the smallest since September, it has continued for the fifth month in a row.
The US is one of the main sources of slowdown
The US, where economic activity has slowed significantly and recorded the sharpest drop in four months, continued to be one of the main sources of the slowdown in export demand. On the other hand, in European trading partners, despite partial signs of improvement, economic activity has generally slowed down. Production in Germany, the largest export market for Turkish manufactured goods, has been declining for the sixth month in a row. However, the decline was moderate and the lowest in the current contraction period. Activity in the UK, Italy, Spain, France, the Netherlands, Poland, Austria and the Czech Republic also declined more moderately than in the previous month.
Economic activity rose in the UAE, the fastest growth was in Thailand
In the last month of 2022, the only country where economic activity increased among the main export markets of the Turkish manufacturing sector was the UAE. Although growth in the non-oil private sector fell to its lowest level in 15 months, it remained strong.
Looking at other markets in the Middle East, economic activity picked up markedly in Qatar and Saudi Arabia, while it declined in Lebanon and Egypt. The fastest growth among economies observed in December was in Thailand. Looking at other Asian countries, despite the strong growth seen in India’s economic activity, production has been declining for the fourth consecutive month due to the difficulties caused by the epidemic in China. Elsewhere in the BRIC countries, Brazil and Russia, production declined slightly in the last month of 2022.
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