Economy

Increased demand in exports

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Export demand witnessed a rise in August due to improvements in business and consumer confidence. According to the August results of the Export Market Monitor (EMM) by the Turkey Exporters Assembly (TIM), the Export Demand Index was 99.9, while the Market Resilience Index was 99.5. It was shared that the Export Market Monitor tracks the conditions creating demand in important markets, as well as the demand and risks in the global economy. In August, there was an increase in the Export Demand Index compared to the previous month and the same period last year, while the Market Resilience Index saw a decrease during the same periods. By using key macroeconomic indicators and leading macroeconomic indicators, the Export Demand Index monitors the demand conditions for exported products through the export markets. In August, it increased by 0.4% monthly and by 0.2% compared to the same month last year, totaling 99.9, below the long-term reference value. Despite a decline in industrial production in August, improvements in business and consumer confidence, coupled with a limited increase in unemployment rates, brought the demand index closer to the long-term average. Uncertainties in global economic conditions and high interest rates negatively affect consumer spending and investment appetite, continuing to put pressure on the improvement in the index. The Market Resilience Index, which measures the resistance of export markets against risks using long and short-term social, economic, and political indicators, decreased by 0.3% on a monthly basis in August and by 0.2% compared to the same month last year, reaching 99.5. Although there was a partial improvement in the export demand index, the decrease in the global geopolitical risk index negatively impacted resilience across export markets, slightly deviating the index from the long-term average.

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