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<\/p>\nT\u00fcrkiye’s export market conditions improved modestly in May, supported by signs of recovery in the Middle East despite continued weakness across several key European economies, a survey showed on Monday.<\/p>\n
The T\u00fcrkiye Export Climate Index, compiled by the Istanbul Chamber of Industry (ISO) and S&P Global to measure business conditions in the main export destinations of Turkish manufacturers, rose to 50.3 in May from 50.2 in April.<\/p>\n
The reading returned to its March level and marked the 29th consecutive month of improvement in export market conditions. A figure above 50 indicates strengthening demand conditions, while a reading below that threshold signals deterioration.<\/p>\n
Weakness in Europe<\/p>\n
However, several major European markets continued to show signs of weakness.<\/p>\n
Output declined further in Germany and France, the two largest economies in the eurozone, while France recorded its sharpest contraction since January 2024.<\/p>\n
Economic activity in the United Kingdom also returned to decline in May.<\/p>\n
Germany, France and the U.K. together account for roughly 19% of T\u00fcrkiye’s manufacturing exports.<\/p>\n
Romania and Russia also recorded contractions, while Italy and Spain posted only marginal growth.<\/p>\n
In the United States, economic activity continued to expand for a 40th consecutive month, although growth eased compared with April.<\/p>\n
Andrew Harker, economics director at S&P Global Market Intelligence, said generally stable demand conditions in export markets overshadowed the differing trends emerging in key regional markets.<\/p>\n
Harker said signs of weakness became more evident in Europe, noting that the region currently presents a weak growth outlook, as many economies are struggling with rapid price increases.<\/p>\n
Signs of recovery in Middle East<\/p>\n
According to the survey, the Middle East showed stronger momentum following disruptions caused by the Iran war that erupted in late February.<\/p>\n
Non-oil business activity in the United Arab Emirates (UAE) expanded at its fastest pace in three months, while growth accelerated in Saudi Arabia.<\/p>\n
Declines in output across Egypt, Kuwait, Lebanon and Qatar were less pronounced than in the previous survey period.<\/p>\n
S&P Global’s Harker said Middle Eastern economies showed a more positive picture and signs of recovery following the Iran war.<\/p>\n
He said geopolitical challenges are likely to continue limiting international demand, at least in the near term.<\/p>\n
Among all economies covered by the Purchasing Managers’ Index (PMI) data, Singapore recorded the strongest increase in output in May, closely followed by India.<\/p>\n
Kenya registered the sharpest decline in economic activity, largely due to rising costs, although the country accounts for only a small share of T\u00fcrkiye’s manufacturing exports.<\/p>\n
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