ICI Türkiye Export Climate Index Rises to 50.9 in December
- 08.01.2025
- News
The Istanbul Chamber of Industry (ICI) Türkiye Manufacturing Export Climate Index rose to 50.9 in December. The positive reading in the final month of 2024 completed a full calendar year of improving demand conditions in export markets. The latest strengthening of the climate was modest but more pronounced than in November.
Among all the countries monitored under the PMI, the fastest economic growth rates were observed in the Middle East, while Saudi Arabia recorded the strongest output growth. The business activity in the US increased sharply in December. Growth was recorded in the UK, Spain, and Russia, with both Spain and Greece seeing rates of expansion quicken in the final month of the year. On the other hand, falling output was registered in countries such as Germany, France, and Italy.
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, released the results of the index for December 2024. In the index, the 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 rose to 50.9 in December from 50.6 in November. The positive reading in the final month of 2024 completed a full calendar year of improving demand conditions in export markets. The latest strengthening of the climate was modest but more pronounced than in November.
Saudi Arabia posts the strongest output growth in the Middle East The strongest expansions in business activity of the countries covered by PMI data in December were seen in the Middle East. Saudi Arabia led the way, closely followed by the UAE where the pace of growth hit an eight-month high. Kuwait also posted a rapid rise in output, while the increase in Qatar was more modest. Elsewhere, reductions in activity were seen in Egypt and Lebanon. These six economies combined account for 7% of Turkish manufacturing exports.
Sharp output growth in the US, mixed performance in Europe
The US, meanwhile, is the destination for 6% of manufacturing exports. Here, business activity increased sharply in December, with the pace of expansion accelerating for the third month running to the strongest since April 2022. The performance of European economies was more mixed. Growth was recorded in the UK, Spain, Ireland, Greece, Kazakhstan and Russia, while expansion in Spain and Greece accelerated in the last month of the year. On the other hand, falling output was registered in Germany,
France, Italy, the Netherlands, Romania, Austria, Poland and the Czech Republic. In fact, the fall in manufacturing production in Austria was the sharpest of all the areas covered by PMI data in December.
India maintains its strong growth trend in Asia
Mainland China and Brazil posted modest increases in business activity in December, while strong growth was maintained in India, where the rate of expansion was only exceeded by those seen in Saudi Arabia and the UAE.
Commenting on the Istanbul Chamber of Industry Türkiye Manufacturing Export Climate Index, Andrew Harker, Economics Director, S&P Global Market Intelligence, said: “The strengthening of demand conditions in December meant that every month of 2024 saw an improvement in the export climate for Turkish manufacturers, but this positive overall picture masked contrasting trends across different parts of the world. The Middle East was a good source of growth during the year, while performance in the US was also positive, particularly in the second half of 2024. Demand in Europe has been less reliable, however, with weakness particularly evident in parts of the eurozone. As 2025 gets underway, Turkish firms will be hoping to see a more even demand environment across key trading partners.”
You can find attached the Istanbul Chamber of Industry Türkiye Export Climate Index December 2024 reports.