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In February, manufacturing activity in India reached a five-month high due to increased new export orders and sustained domestic demand. The HSBC India Manufacturing Purchasing Managers Index rose to 56.9, with new export orders hitting a 21-month high. External demand was driven by countries like Australia, Bangladesh, Brazil, Canada, China, Europe, Indonesia, the US, and the UAE.
Taiwan's export orders increased unexpectedly in January after falling sharply in the previous month, according to data released by the Ministry of Economic Affairs on Tuesday.
Garlic prices have crashed by Rs 150 per kg as supplies from local farms jumped multifold amid new season harvest, raising hopes of better export orders at competitive prices.
HSBC India Manufacturing Purchasing Managers' Index rose to a four-month high of 56.5 in January, recovering from the previous month's 18-month low of 54.9. The rise in production was driven by robust domestic demand, with current output expanding and domestic orders growing faster than export orders.
The positive outturn, however, contrasted with an official survey on the previous day showing manufacturing activity contracted again last month due to persistently weak demand. "Quicker logistics, increased procurement, and rising inventories reflected improved business confidence," said Wang Zhe, senior economist at Caixin Insight Group. However, he noted that employment remained in contraction, price levels were subdued and "deflationary pressures persisted."