ICI Turkish Export Climate Index Attachment November Results Were Announced

• 10.12.2019
• News

Istanbul Chamber of Industry (ICI) Turkish Manufacturing Industry Export Climate Index October, the leading indicator measuring the activity conditions of Turkish manufacturing sector on main export markets receded to 50,1 in November. Pointing out to a limited improvement in the demand conditions of the exporters in Turkish manufacturing sector, the Index was affected in a negative way by the weakness indications in Germany, United Kingdom and Italy which are the three biggest markets.

While the growth of manufacture in USA reached to the highest speed of the last four months in November, it gained speed in Spain. While the economic activity has increased for the eighth month subsequently in France, Russia recorded a strong increase in the manufacture.

Istanbul Chamber of Industry (ICI) Turkish Manufacturing Industry Export Climate Index November 2019 Results that is the leading indicator measuring the activity conditions of Turkish manufacturing sector on 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 October receded to 50,1 in November and pointed out to a limited improvement in the demand conditions of the exporters in Turkish manufacturing industry. It was affected in a negative way by the weakness in Germany, United Kingdom and Italy which are the climate of the exporters, three biggest markets for the Turkish manufacturers and constitute 23 percent of the export volume of manufacturing sector. Economic activity level in Germany decreased for the third month subsequently in November; however, November recession was realized in the slowest level of the period. Manufacturing recorded decrease for the fourth month subsequently in United Kingdom. The driven reason behind this situation is that the uncertainty on the future of the commercial relations of the country with the European Union because of Brexit continued to limit the demand conditions. Besides, the economic activity in Italy showed decrease for the first time since May. Apart from the three markets, some improvement indications were observed in November. While the growth in the manufacture reached to the highest speed of the last four months in USA, it gained speed in Spain. Economic activity increased for the eighth month subsequently in France; however, the growth lost speed slightly.

Manufacturing experienced a strong increase in Russia

A similar situation occurred in Russia which recorded a strong increase in manufacturing in November. Indicators of the slowdown on the demand in November for Middle East were observed. Economic activity continued to grow in both Saudi Arabia and United Arab Emirates; however, growth lost its speed compared to October. The sharpest decrease of the last two years was experienced in the manufacturing in Egypt. Protests in Lebanon caused a sharp decrease in the economic activity. Protests continued to affect the conditions in Hong Kong in a negative direction.

However, growth experienced improvement in other parts of the Asia. Economic activity in China increased in a strong and highest speed since 2018. And the economy of India passed to the growth zone for the first time in the last three months. The strongest increase in November among the PMI surveys conducted throughout the world was observed in Nigeria and Uganda.