The July Results of ICI Turkish Export Climate Index Were Announced

• 13.08.2020
• News

Istanbul Chamber of Industry (ICI) Turkish Manufacturing Industry Export Climate Index which measures the operation conditions in the main export markets of Turkish manufacturing industry realized as 53,0 in July and increased over 50,0 which is the threshold value for the first time in the last five months. The index pointed out to the recovery in the demand conditions in Turkish manufacturing exporters.

Increase in production for the most of the top 10 export markets of Turkish manufacturing industry was observed. That operation conditions became normal depending on the action of loosening the curfew restrictions enabled Germany, United Kingdom and Italy consisting of more than one fifth of Turkish manufacturing export to return to the growth area in July. While the economical activities in USA recorded growth, China maintained its strong growth tempo. In Russia, economical activity demonstrated a strong increase. 

July 2020 results of Istanbul Chamber of Industry (ICI) Turkish Manufacturing Industry Export Climate Index which measures the operation conditions of Turkish manufacturing industry in the main export markets were announced.

July 2020 results of Istanbul Chamb All figures measured over 50,0 which is the threshold value in the index point out to improvement while those measured under 50 point out to deterioration.

Istanbul Chamber of Industry (ICI) Turkish Manufacturing Industry Export Climate Index which was measured as 47,5 in June realized as 53,0 in July and increased over 50,0 which is the threshold value for the first time in the last five months according to the data announced independent from seasonal effects. The data pointed out to the recovery in the demand conditions in Turkish manufacturing exporters.

Following the severe fluctuations experienced because of Covid-19 during the second quarter of the year, economies continued to give recovery signals in July. Increase in production for the most of the top 10 export markets of Turkish manufacturing industry was observed. That operation conditions became normal depending on the action of loosening the curfew restrictions enabled Germany, United Kingdom and Italy consisting of more than one fifth of Turkish manufacturing export to return to the growth area in July. Production recorded growth in other European countries like France, Spain and Poland. Manufacturing industry continued to recede in Holland; however, this recession was experienced in the lowest level of the shrink trend of the last five months. Economical activities in USA recorded growth. However, the growth sustained its mild status since the restrictions were re-applied because of the concerns about increasing number of Covid-19 cases in several states.

China maintained its strong increase tempo

A complicated view drew attention in Middle East. While the demand conditions in United Arab Emirates, Egypt and Qatar were observed to be improved, economical activity recorded decrease in Saudi Arabia and Lebanon. Latin America where Covid-19 pandemic maintained its existence intensely continued its weak progress at the beginning of the third quarter. While economical activity continued to decrease in Mexico and Brazil, it increased in Colombia. China recorded expansion for the third month successively and maintained its strong growth tempo. While the economical activity showed a strong increase in Russia, one of the other BRIC countries, India stayed in the shrinkage zone.

Andrew Harker, Economy Director of IHS Markit who evaluated the Istanbul Chamber of Industry Turkish Export Climate Index expressed that: 

“Primary export markets of Turkish manufacturers continued to recover in July following the shrinkages caused by Covid-19. It intensified the hopes that re-opening in the foreign markets will support the recovery in the demand of manufacturing industry. On the other hand, while the data on the increase in virus cases in several regions of the world pointed out to the fragile nature of the existing recovery, new restrictions which might be realized at any time bear the possibility to cause economies to yaw from the recovery route.