The seasonally adjusted HSBC Turkey Manufacturing PMI fell slightly from November’s 32-month high of 55.0 to 53.5 in December, data compiled by Markit showed on Thursday.
The latest reading marked the fifth consecutive monthly improvement in operating conditions in the sector, Markit said. December data signalled increased output and new orders at Turkish manufacturers, although the rates of growth eased since November, according to Markit.
New orders also increased at a weaker rate, with companies commenting on higher activity in the auto sector and improving market conditions. Panellists linked growth in new export business to stabilising conditions in Egypt and the securing of new clients, Markit said.
Input costs continued to increase at a sharp rate in December. In response to higher input costs, Turkish manufacturers raised their selling prices in December, but the latest increase was the slowest in four months, survey showed.
Data signalled a further rise in employment levels in the goods producing sector and job creation was largely attributed to increased production requirements. In line with the trends for output and new orders, purchasing activity increased in December with the rate of expansion easing since November’s 33-month high. Survey respondents linked the latest rise in input buying to increased new business, Markit said.
Stocks of raw materials and other pre-production inventories accumulated further in December, with companies linking this to increased production requirements, Markit also noted.
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