Turkish manufacturing PMI stable at 51.5 in May 2023: S&P Global

There were widespread reports of demand improvements within the latest survey. The most direct impact of this was on new orders, which increased solidly and for the third month running. New export orders were also up.

In turn, manufacturers increased their production volumes, also for the third successive month. Some respondents indicated that they were just resuming operations following February's earthquake, as per S&P Global.

Manufacturers were able to successfully increase their staffing levels for the first time in three months in response to higher new orders. There were still some reports, however, of early retirements limiting workforce numbers.

Higher staffing levels meant that firms were able to keep on top of workloads and reduce outstanding business following an increase in the previous survey period.

Also contributing to efforts to meet demand were a rise in purchasing activity and the use of inventories of both inputs and finished goods.

May pointed to a further easing of inflationary pressures in the sector. Although input costs continued to rise, often reflecting currency weakness, the rate of inflation eased to the weakest in the year-to-date. In turn, the pace of increase in selling prices softened for the fourth month in a row and was the weakest since April 2020.

Fibre2Fashion News Desk (DP)