Picture worsens for Turkish manufacturing in July, new orders fall for 25th month, PMI shows
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Turkey’s July foreign trade deficit narrows but business chamber chief says conditions for industry “unbearable”
Turkey's foreign trade deficit shrank by 12.1% y/y to $6.4bn in July, Trade Minister Omer Bolat told a press conference on August 2.
Bolat said exports rose to $25bn, while imports amounted to $31.4bn, Reuters said, reporting the remarks from a briefing in the Black Sea port city of Samsun.
A day previously, S&P Global published the latest Istanbul Chamber of Industry Türkiye Manufacturing Purchasing Managers’ Index (PMI) survey data, showing Turkish manufacturing lost further momentum in July. There were sharper slowdowns in new orders and output on muted customer demand. New orders were down for the 25th monthy in a row.
Following the release of the PMI data, Istanbul Chamber of Industry (ISO) chair Erdal Bahcivan was reported by Turkiye Today as warning that alarm bells were ringing "very strongly" for Turkish industry.
The PMI confirmed the severity of “unbearable” conditions facing local industry, he added.
Conditions were particularly severe in traditional labour-intensive sectors, Bahcivan also said.
"No one can remain indifferent to this situation", he remarked, also reportedly adding: "Everyone must now accept that the problems in our production life cannot be solved with memorised, habitual requests and demands. As ISO, we are engaged in intensive work to create a model with a new-generation understanding and perspective to find permanent, sustainable solutions to the problems of our industry and production life.”
"We will create and announce this model to the public as soon as possible. We are working on it in consultation and dialogue with all our ‘solution partners’, especially the political authority," he concluded.
Last August, Bahcivan said Turkey was experiencing a "grave outcome" in society as a result of high inflation.
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