Sri Lanka Purchasing Managers’ Index for Manufacturing (PMI – Manufacturing) recorded an index value of 56.0 in February 2024, indicating a continued expansion in manufacturing activities. This improvement was attributable to the increases observed in all sub-indices.
The expansion in New Orders and Production was mainly driven by the manufacture of food & beverages sector. Many respondents mentioned that they are preparing for the upcoming festive demand. However, New Orders and Production in the manufacture of textiles & apparel sector decreased on a month-on-month basis. Meanwhile, Employment and Stock of Purchases expanded during the month in line with the New Orders and Production. Further, Suppliers' Delivery Time continued to lengthen in February, on par with the expansion in manufacturing activities and prolonged shipping disruptions caused by the Red Sea crisis.