Sri Lanka’s manufacturing continues positive growth trajectory
The Morning: The Sri Lanka Purchasing Managers’ Index for Manufacturing (PMI – Manufacturing) recorded an index value of 54.1 in September 2024.
This indicates a continued expansion in manufacturing activities, albeit at a decelerated pace relative to the previous month.
All sub-indices, except for Employment, remained above the neutral threshold during the month.
The expansions in New Orders and Production were largely attributed to the food and beverages manufacturing sector.
In addition, Stock of Purchases increased during the month, stimulated by the intended accumulation of inventory ahead of the upcoming festive season.
Employment remained contracted, yet at a slower pace in September.
Meanwhile, Suppliers’ Delivery Time continued to lengthen during the month.
The outlook for manufacturing activities over the next three months remains positive, driven largely by optimism on year-end seasonal demand.
OSL take:
Sri Lanka’s ongoing economic activities and overall economic expansion is a clear indication of the steady growth in the country’s manufacturing industry. It is further indicative of the expansion of business/investment opportunities in the manufacturing industry. The increasing local demand due to the economic expansion and the growth in the local exports sector due to Sri Lanka’s increasing trade with foreign countries all present many lucrative business/investment opportunities in the manufacturing industry. With Sri Lanka on a growth path with a target of becoming a regional hub while further strengthening and expanding trade ties with foreign countries, the opportunities in the country would also see a steady growth, especially in the manufacturing industry. Foreign businesses/investors could therefore confidently explore the expanding opportunities in Sri Lanka’s manufacturing industry while also looking at forming collaborations with local businesses with the aim of further expanding operations.
| Article Code : | VBS/AT/20241011/Z_5 |