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Bangladesh’s manufacturing sector registers strong growth in April

As recent Purchasing Managers’ Index (PMI) data released by the Metropolitan Chamber of Commerce and Industry (MCCI) shows, the overall pace of economic activity in Bangladesh declined by 2.1 points in April this year compared to March data.

The economic growth rate in the country dropped in April to 62.2 points from 64.3 points in March.

The country’s economy slowed in April as important sectors such as services and construction slowed, but the rapid and solid growth of the agricultural and industrial sectors offset much of the loss, data showed.

Bangladesh’s overall business pace declined by 2.1 points in April compared to March data, according to PMI data released by the industry chamber. The economic growth rate in the country dropped in April to 62.2 points from 64.3 points in March. The agriculture and manufacturing sectors recorded rapid and solid growth this month. The economy remains on an expansion path in the second quarter of 2024.

The agriculture sector recorded a PMI of 55.7 in March, which increased to 60.9 in April, and the manufacturing sector index was 68.4 in March and increased to 74.5 in April.

MCCI released the PMI data for the first time in the country in collaboration with Policy Exchange Bangladesh (PEB) and with the support of the UK Foreign, Commonwealth and Development Office (FCDO). PMI data will be published on the 7th of each month.

Despite a slight decline compared to the previous month, the economy remains on the growth path in the new quarter, domestic media report.

The data showed a faster rate of growth in indicators such as new business, business activity and input costs, but a slower rate of increase in the order backlog rate.

The manufacturing sector recorded faster growth rates across a variety of indicators, including new orders, new exports, factory output, input purchases and supplier deliveries.

Fiber2Fashion Information Desk (DS)