The Export Climate Index showed no significant change in February, remaining at 51.1. The index signaled improvement for the 14th consecutive month. The Istanbul Chamber of Industry (ISO) announced that the Turkey Manufacturing Industry Export Climate Index for February was 51.1. The results for February of the ISO Turkey Manufacturing Industry Export Climate Index, which measures activity conditions in Turkey’s main export markets, were released. All figures measured above the threshold value of 50 indicate improvement in the export climate, while values below 50 indicate deterioration. According to the results, the ISO Manufacturing Industry Export Climate Index, which was 51.2 in January, did not show a significant change in February, remaining at 51.1, indicating a continued strengthening of export demand conditions. Additionally, with the February data, the uninterrupted improvement trend in the export climate for Turkish manufacturers reached 14 months. Among the economies surveyed last month, Saudi Arabia had the fastest-growing activity. Despite growth being somewhat weaker than the 18-month peak seen in January, it maintained a strong trajectory. In the United Arab Emirates (UAE), non-oil economic activity increased and gained limited momentum compared to the previous month. Looking at other Middle Eastern countries, while production increased in Kuwait and Lebanon, it remained flat in Egypt and decreased in Qatar. THE MOST NOTICEABLE CONTRACTION IN FRANCE The most noticeable contraction in February was recorded in France, which represents 4% of the Turkish manufacturing industry’s export market. Production in the country significantly declined, marking the highest rate of decline in over a year. Meanwhile, a more complex picture emerged in other regions of Europe. While economic activity slightly decreased in Germany, it remained unchanged in the UK. Despite production declines in other important markets such as the Netherlands and Romania, growth was observed in Italy and Spain. Italy saw its highest rate of expansion in the past 9 months. Economic activity continued to grow in the US, reaching 25 months of uninterrupted growth. However, the increase in February was quite modest, recording the lowest rate since April 2024. Lastly, the newly released Pakistan Manufacturing PMI indicated a strong monthly increase in production in February. The country’s production has shown an upward trend since the inception of the index in May 2024.