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Turkey PMI March 2024

Turkey: Turkish manufacturing sector shows stability in March

The Istanbul Chamber of Industry Türkiye Manufacturing Purchasing Managers’ Index (PMI) fell to 50.0 in March from 50.2 in February. As a result, the index hit the 50.0 no-change threshold, signaling stable operating conditions in the manufacturing sector compared to the previous month.

The stability in the PMI for March came amid a fractional increase in manufacturing production and a near stabilization in new orders and employment. The slight improvement in demand conditions, the smallest decline in new orders in nine months, encouraged some firms to expand their production and increase their purchasing activity. However, inventories continued to be drawn down, with stocks of both purchases and finished goods being scaled back, partly due to disruptions in the Red Sea affecting input delivery times for the third consecutive month.

In terms of prices, the rate of input cost inflation moderated but remained sharp, easing to a three-month low. This was attributed to the weakness of the lira against the U.S. dollar and rising raw material costs for some firms. Selling prices also rose, with the rate of inflation remaining marked and sharper than the series average, indicating ongoing pressure on prices within the Turkish manufacturing sector.

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