According to the Istanbul Chamber of Industry’s Manufacturing Sector Export Climate Index, Turkey’s export rating has increased slightly from a 49.5 rating in November to a 49.7 rating in December. Despite the small increase, the rating remained below 50.0 for the fifth consecutive month.
According to Bloomberg, the report stated that ongoing economic weakness in the Eurozone has had a negative impact on the export market. Economic activity in Germany, France, Italy, the Netherlands, and Austria showed a contraction while Spain, Ireland, and Greece showed growth. The economies of the United States and United Kingdom showed growth as well, with the United Arab Emirates topping the list as fastest growing economy in the month of December.
According to the export ratings from the Istanbul Chamber of Industry, a score below 50.0 indicates a deterioration in export climate, while a rating above 50.0 indicates an improvement.