By
Fibre2Fashion
Published
Nov 3, 2023
Turkish manufacturers endured a challenging demand environment at the start of the fourth quarter this year, with new orders increasingly difficult to secure, according to S&P Global.
As a result, production was scaled back, firms acted to lower their employment and purchasing activity, and total new orders and new export business moderated over the course of the month.
There was some respite in terms of inflationary pressures, however, with both input costs and selling prices rising at softer rates than in September, S&P Global said in a release.
The headline Istanbul Chamber of Industry Turkey manufacturing purchasing managers’ index posted below the 50 no-change mark for the fourth consecutive month in October. At 48.4, the index signalled a modest easing of business conditions during the month, but one that was more pronounced than that seen in September (PMI at 49.6).
Moreover, total new business slowed to the largest degree since last November. In line with the picture for new orders, production continued to be scaled back in October. Output has now eased in four consecutive months.
October data also signalled a renewed reduction in employment, thereby ending a five-month sequence of job creation and manufacturers also scaled back their purchasing activity, stocks of purchases and inventories of finished goods in response to a drop in order requirements.
