Feb 5, 2023
Germany top buyer as Turkey's export climate index signals steady recovery
Turkey’s Export Climate Index (ECI) for the manufacturing sector was recorded as 52.4 in August, according to an Istanbul Chamber of Industry (ISO) report, which suggested that although figures pointed to a slight decrease compared to the previous month, there has been an improvement in demand conditions in export markets for the second month in a row.
Meanwhile, Germany, which is also on course for recovery, albeit slower than the previous month, ranked as the No. 1 buyer in eight Turkish sectors.
The index increased to 53 in July, its first above-50 index post in five months, as the country’s exports accelerated recovery from the COVID-19 pandemic following a 47.5 posting in June.
The ECI is calculated by weighing up national Purchasing Managers' Index (PMI) data on output trends from surveys of individual trading partners, which are weighted according to their relative importance for Turkish manufacturing exports.
Any index value above 50 points indicates an improvement in the country’s export climate, while any below 50 signals a weakening.
Turkey exported to 239 locations from 27 sectors in the January-August period, according to data by the Turkey Exporters Assembly (TIM), while Germany, which is Turkey’s largest export market, has secured its place as the biggest international buyer in eight sectors.
Turkey’s overall exports to Germany during the period in question came to $8.8 billion (TL 65.86 billion).
The Turkish automotive sector sold $2.1 billion worth of products to Germany in the January-August period, along with $1.9 billion and $614.5 million worth exports in the ready-to-wear and apparel and iron and non-ferrous metal products sectors, respectively.
Germany also ranked as the top buyer of machine components, air conditioners, hazelnut and products, fruit and vegetable products and leather products from Turkey.
Based on DS
Meanwhile, Germany, which is also on course for recovery, albeit slower than the previous month, ranked as the No. 1 buyer in eight Turkish sectors.
The index increased to 53 in July, its first above-50 index post in five months, as the country’s exports accelerated recovery from the COVID-19 pandemic following a 47.5 posting in June.
The ECI is calculated by weighing up national Purchasing Managers' Index (PMI) data on output trends from surveys of individual trading partners, which are weighted according to their relative importance for Turkish manufacturing exports.
Any index value above 50 points indicates an improvement in the country’s export climate, while any below 50 signals a weakening.
Turkey exported to 239 locations from 27 sectors in the January-August period, according to data by the Turkey Exporters Assembly (TIM), while Germany, which is Turkey’s largest export market, has secured its place as the biggest international buyer in eight sectors.
Turkey’s overall exports to Germany during the period in question came to $8.8 billion (TL 65.86 billion).
The Turkish automotive sector sold $2.1 billion worth of products to Germany in the January-August period, along with $1.9 billion and $614.5 million worth exports in the ready-to-wear and apparel and iron and non-ferrous metal products sectors, respectively.
Germany also ranked as the top buyer of machine components, air conditioners, hazelnut and products, fruit and vegetable products and leather products from Turkey.
Based on DS
