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The report announced by the Istanbul Chamber of Industry said:
“While it was observed that manufacturers had a major disruption to production in April, this led to a serious slowdown in both production and new orders. In both indicators, the most significant loss of momentum has been observed since June When the survey began in 2005. As a result of the impact of all markets at scale, companies’ new export orders also slowed sharply, with insufficient new orders causing companies to reduce their level of employment for the first time in the last four months The decline was the highest in the last 11 years, contributing to the acceleration of the decline in stocks.
The data indicated that the COVID-19 outbreak also significantly affected supply chains. Survey participants stated that some suppliers have stopped producing and that there are problems in the supply of supplies and logistics. Consequently, the greatest increase in the delivery time of the inputs was observed in the history of the survey. Input costs continued to rise significantly, but the increase was the lowest in the past three months in April. Companies generally stated that the main factor causing an increase in input prices was the weakness of the Turkish lira. Manufacturers responded to rising input costs by increasing the prices of the final product. However, the fact that some companies cut prices to guarantee orders has led to the inflation rate falling to its lowest level since January. “
