Turkey’s July foreign trade deficit narrows but business chamber chief says conditions for industry “unbearable”
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Turkish manufacturing lost further momentum in July, with sharper slowdowns in new orders and output, according to the latest Istanbul Chamber of Industry Türkiye Manufacturing Purchasing Managers’ Index (PMI) survey data, as released by S&P Global on August 1.
“A key theme of the latest survey was the muted nature of customer demand. This resulted in a twenty-fifth consecutive monthly easing of new orders, with the latest moderation the most pronounced since March,” said S&P.
The headline PMI fell for the third consecutive month in July, posting 45.9 from a reading of 46.7 in June (anything below 50.0 on the scale indicates a deterioration in performance).
Andrew Harker, economics director at S&P Global Market Intelligence, said: “There was little in the way of positive news from the latest Türkiye manufacturing PMI as the challenges for firms in securing new orders percolated through the sector.
“Output, employment and purchasing were all scaled back, and firms looked to draw down inventories where possible. Currency weakness added to the difficult picture, pushing up input costs again. Manufacturers will be hoping to see some pick-up in demand conditions as the second half of the year progresses."
The worsening in the health of Turkish manufacturing was the most intense experienced since October 2024, the survey data also showed. Business conditions have eased in each of the past 16 months.
“Demand conditions in international markets were also subdued, and new export orders slowed again accordingly. With new orders easing, manufacturers consequently scaled back their production,” said S&P.
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