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The Turkish manufacturing sector faced ongoing difficulties in April, but there were indications of progress as the slowdown in output, new orders and exports became less severe, a survey showed on Friday.
Businesses continued to reduce hiring and purchasing, while subdued demand led to the fastest increase in vendor lead times since late 2022. Meanwhile, inflationary pressures intensified.
The Purchasing Managers’ Index (PMI) was unchanged at 47.3 in April, the survey compiled by the Istanbul Chamber of Industry (ISO) said.
This marked the 13th consecutive month of easing business conditions, with any reading below 50.0 pointing to a contraction in activity.
Although new export orders eased the latest slowdown was the least pronounced so far this year, and the moderation in new business from abroad was also less marked than that seen for total new orders, the survey showed.
Manufacturers continued to scale back employment and purchasing activity, instead reducing inventories, the survey showed.
Manufacturers reported that suppliers quickened their deliveries in April, the survey showed, while the rate of input cost inflation quickened amid currency weakness and higher costs for raw materials.
“An uncertain international economic environment added to the challenges facing Turkish manufacturers in April. As such, further moderations in new orders, output and exports were recorded by the latest PMI survey,” said Andrew Harker, economics director at S&P Global Market Intelligence.
“That said, there were some signs of improvement, raising hopes that the sector could potentially move closer to growth territory in the months ahead.”
