Turkey’s manufacturing activity remained in a downturn in April, as output, new orders and new export orders fell further, ?results of a survey by Markit Economics and HSBC Bank showed Monday.
The HSBC manufacturing purchasing managers’ index, or PMI, rose to 48.5 in April from March’s 71-month low of 48.0. But, any reading below 50 indicates contraction in the sector. The latest figure was still the joint-second lowest since April 2009.
New orders received by the manufacturing sector fell for the fourth consecutive month in April, though the rate of contraction eased slightly since March. New export contracts fell at the fastest rate in six years, despite the weakening lira-dollar exchange rate.
Manufacturing output also declined for the fourth month running April, in line with the trend shown for new work.
On the price front, input prices increased at the fastest rate since March last year, led by higher import prices as result of the weak lira-dollar exchange rate. In contrast, selling prices rose at a slower pace in April, partly due to rising competition for sales, amid dull market conditions.
The material has been provided by InstaForex Company – www.instaforex.com