According to the results of the Istanbul Chamber of Industry (ICI) Turkey Manufacturing PMI survey, a moderate improvement was observed in the manufacturing industry performance in the period of June 2023. The headline PMI was 51.5 for the third month in a row, indicating that the moderate recovery in the sector continues. Operating conditions have strengthened over the past six months.
The prominent positive development in June was the strong increase in manufacturing industry production and the acceleration of this increase compared to the previous month. Growth in production reached the fourth month, the fastest pace since July 2021. Factors such as the recovery in demand, the continued recovery after the earthquake and the recovery in economic activity after the election period contributed to the increase in production.
However, the increase in input prices accelerated and the input costs and final product prices gained momentum again due to the fluctuations in the exchange rate. Input prices recorded the fastest increase in nearly a year, while finished product prices increased at the highest rate since February.
Due to the difficulty in responding to the supply, the delivery times of the suppliers were significantly longer, which led to a decrease in input stocks. However, employment rose for the second consecutive month, while backlogs rose for the second time in three months.
According to the Istanbul Chamber of Industry Turkey Sectoral PMI data, inflationary pressures have strengthened throughout the manufacturing industry due to the depreciation of the lira. While new orders increased in only three sectors, increasing inflationary pressures were seen to affect demand in some sectors. Input costs and final product prices inflation generally rose. In addition to the sectors where employment increased, purchasing activities and delivery times also varied between sectors.
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