ICI Türkiye Export Climate Index Rises to 51.5 in March

• 08.04.2025
• News

The Istanbul Chamber of Industry Türkiye Manufacturing Export Climate Index rose to 51.5 in March, indicating a moderate improvement in demand conditions in export markets as of the end of the first quarter. It is the most significant improvement since June 2024. The latest figure marks the 15th consecutive month of improvement. 

 In the Middle East, which continued to make a significant contribution to the recovery in demand in March, the fastest output growth was recorded in Saudi Arabia. In Europe, Türkiye’s largest export market, Germany, posted its first output increase in 10 months. While modest, the growth is seen as an encouraging signal from the region. The U.S. marked the 26th consecutive month of growth in output in March. Elsewhere, economic activity in Russia slightly contracted after five months of growth. India recorded the strongest non-Middle Eastern growth, with output climbing to a seven-month high. 

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 March 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 rose to 51.5 in March, up from 51.1 in February, indicating a moderate improvement in demand conditions in export markets as of the end of the first quarter. It is the most significant improvement since June 2024. The latest figure marks the 15th consecutive month of improvement. 

Saudi Arabia and UAE record the fastest growth in output

The Middle East region continued to make a significant contribution to the recovery in demand in March. Saudi Arabia led the region in output growth during March, with the United Arab Emirates (UAE) also showing strong momentum. Economic activity in Kuwait also expanded, while Egypt, Lebanon, and Qatar showed signs of weakening. These six countries collectively represent around 7% of Türkiye’s manufacturing exports.

Germany, the largest export market, breaks 10-month stagnation streak

In Europe, Türkiye’s largest export market, Germany, posted its first output increase in 10 months. While modest, the growth is seen as an encouraging signal from the region. The United Kingdom and the Netherlands also returned to expansion territory, while Italy, Spain, Poland, and Greece continued their upward trends. In contrast, France and Romania experienced further contraction. The U.S., which accounts for 7% of Turkish manufacturing exports, marked the 26th consecutive month of growth in output, and the expansion was the strongest so far in 2025. However, other North American markets such as Canada and Mexico saw the steepest declines in output among all countries surveyed. Elsewhere, economic activity in Russia slightly contracted after five months of growth. India recorded the strongest non-Middle Eastern growth, with output climbing to a seven-month high. In Nigeria, manufacturing production saw its fastest rise since the beginning of the year.

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

"Economic activity expanded in most of Türkiye’s top 10 export markets in March. This development brought a degree of optimism to Turkish manufacturing exporters as the first quarter concluded. However, some short-term uncertainty persists until the direction of U.S. trade policy and its global implications become clearer.”

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