The export climate index did not show significant changes in February, remaining at 51.1. The index indicated an improvement for the 14th consecutive month. In February, the Istanbul Chamber of Industry (ISO) Turkey Manufacturing Industry Export Climate Index reached 51.1. The results of the ISO Turkey Manufacturing Industry Export Climate Index, which measures activity conditions in the main export markets of Turkey’s manufacturing sector, were announced at the end of February. All figures above the threshold value of 50 measured in the index 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 significant changes in February, remaining at 51.1, signaling a continued strengthening in export demand conditions. Additionally, with the February data, the uninterrupted improvement trend in the export climate of Turkish manufacturers reached 14 months. Among the economies surveyed last month, Saudi Arabia was the fastest-growing country in terms of activity. Although the growth rate in this country was slightly weaker than the 18-month peak seen in January, it maintained a strong trend. Non-oil economic activity also increased in the United Arab Emirates (UAE), gaining limited momentum compared to the previous month. Looking at other Middle Eastern countries, production increased in Kuwait and Lebanon, remained stable 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 Turkey’s manufacturing industry export market. Production in the country declined significantly, and this decline occurred at the fastest pace in over a year. A more complex picture emerged in other regions of Europe. While economic activity slightly decreased in Germany, it remained unchanged in the United Kingdom. While there was a production decline in other important markets such as the Netherlands and Romania, growth was observed in Italy and Spain. Expansion in Italy was measured at the highest rate in the past 9 months. Economic activity in the United States continued to grow, reaching a continuous growth trend of 25 months. However, the increase in February was quite moderate, recorded at the lowest rate since April 2024. Lastly, the newly released Pakistan Manufacturing PMI indicated a strong increase in production on a monthly basis in February. The country’s production has been on an upward trend since the beginning of the index in May 2024.