The Istanbul Chamber of Industry’s Purchasing Managers’ Index (ICI Manufacturing PMI) rose to 52.6 in March and indicated a strong growth in production.
Thus, business conditions have strengthened in 10 consecutive months with the data in March.
While participants of the ICI Manufacturing PMI signaled improving demand, new export orders rose for the third consecutive month. Thus, new export orders grew faster than total new orders.
“Increasing new orders and the addition of new production lines supported an increase in output,” ICI said in a statement.
The expansion rate has slightly accelerated, however, some survey participants reported that shortages in raw material supply prevented stronger increase in output.
The ongoing sharp extension in delivery times of suppliers pointed out difficulties on the supply side, according to the ICI.
Raw material supply shortages became more apparent due to problems in global freight and delivery times increased to a greater extent in March, compared to the previous month.
While supply prices raised inflationist pressures in March, depreciation in TRY paved the way for the fastest growth in input costs since the beginning of the year.
Leave a Reply