Istanbul Chamber of Industry Turkish Manufacturing Industry Export Climate Index decreased from 48.8 in September to 47.9 in October. While the weakening in demand conditions in export markets continued, the deterioration in the index in October was the highest in the period from June 2020 to October 2022. Values below the threshold value of 50 in the index indicate deterioration in the export climate, and all figures above 50 indicate an improvement in the export climate.
Weakness in demand in the main export markets of Turkish manufacturers gave a general appearance in October. It was observed that the production of Germany, the country to which Turkish manufacturers export the most, decreased for the fourth month in a row and the decrease accelerated compared to September. Economic activity also shrank heavily in Austria, Italy, the United Kingdom, Spain, the Netherlands, Greece, the Czech Republic and Poland.
In France, on the other hand, production decreased slightly compared to the previous period. The shrinkage continued in the USA, which has a share of approximately 7% from the Turkish manufacturing industry exports. It was observed that manufacturing industry production in Canada slowed down more significantly compared to the previous month. Of the 18 largest export markets, economic activity increased only in the United Arab Emirates, Brazil and India, while it declined in Russia.
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