Turkey’s export climate continued to perform above the threshold value in September, reaching 50.5%. The strengthening trend in exports reached its ninth month, with improvements observed in demand conditions. The Istanbul Chamber of Industry (ISO) announced that the Turkey Manufacturing Sector Export Climate Index was at 50.5 in September. The results of the ISO Turkey Manufacturing Sector Export Climate Index, which measures the activity conditions in Turkey’s main export markets, for September 2024 were revealed. Accordingly, an export climate index measuring above 50 indicates an improvement in the export climate, while values below 50 signal deterioration. In September, the index stood at 50.5, showing a moderate improvement in demand conditions in export markets on a monthly basis. However, compared to the 51.3 level in August, the index decreased, marking the lowest value in the ongoing recovery process.

UAE MARKET AT THE TOP
Among the top 10 export markets for Turkish manufacturers, the fastest growth was seen in the United Arab Emirates (UAE) in September. Despite strong production growth in the United Kingdom and the USA, it weakened compared to the previous month. In Spain, growth accelerated in September, with strong production increase occurring at the highest rate since May. While economic activity closed the third quarter with a contraction in six of the top 10 export markets for the Turkish manufacturing industry, economic activity in Germany registered a fourth consecutive month of decline. Romania exhibited faster contraction in September, while the contraction in the Netherlands eased.

SAUDI ARABIA GREW THE FASTEST
Economic activity in France, Italy, and Russia experienced a downturn again. The contractions in France and Italy followed a brief improvement seen in August. In Russia, economic activity declined for the first time since June and this decline was the highest since December 2022. In September, Saudi Arabia was not only the fastest growing country but also exhibited the strongest performance in the last three months. Rapid production increases were recorded in India, Singapore, and Uganda, while Myanmar remained at the other end of the growth scale, experiencing a sharp contraction in production.