Sri Lanka’s Manufacturing PMI expands in November
The Morning: Sri Lanka Purchasing Managers’ Index for Manufacturing (PMI – Manufacturing) recorded an index value of 53.3 in November 2024.
This indicates an expansion in manufacturing activities on a month-on-month basis, with positive contributions from all the sub-indices.
The New Orders sub-index expanded during the month, primarily driven by the textile and wearing-apparel sector.
Further, the expansion in the Production sub-index was mainly attributable to the food and beverages sector.
Moreover, Employment and Stock of Purchases sub-indices remained expanded during the month, aligning with the New Orders and Production sub-indices.
Meanwhile, Suppliers’ Delivery Time remained lengthened during the month.
OSL take:
Sri Lanka’s manufacturing industry is on a steady growth path showing great resilience and growth even during the period of the economic crisis faced by the country two years ago. The increasing demand in the country’s local market in-line with the overall economic expansion witnessed in Sri Lanka along with the expanding exports industry have resulted in the growth in Sri Lanka’s manufacturing industry. The many trade agreements as well as the many trade concessions enjoyed by the country with many foreign countries and the move to further expand trade ties to include more foreign countries have helped boost Sri Lanka’s manufacturing industry. Given all these movements, there’s an expansion in the business/investment opportunities in Sri Lanka’s manufacturing industry. These opportunities are lucrative ones given the increasing business potential in Sri Lanka’s manufacturing industry. Foreign businesses could also look at forming partnerships or joint ventures with local businesses engaged in the manufacturing industry with the aim of further expansion locally and internationally.
Article Code : | VBS/AT/20241223/Z_1 |