Financial News: Brazil Manufacturing Growth Remains Strong In March

Brazil Manufacturing Growth Remains Strong In March

04/01/2024 - 09:33:00 (RTTNews)

(RTTNews) - Brazil's factory activity signalled further solid expansion in March, driven by a rebound in demand, survey data from S&P Global showed on Monday.

The purchasing managers' index, or PMI, for the manufacturing sector dropped to 53.6 in March from 54.1 in February. However, a score above 50 indicates expansion.

New orders grew at the fastest pace in over two-and-a-half years, which was more evident in the domestic demand. As a result, output grew sharply, at the second-fastest rate since mid-2021.

Capital goods emerged as the top performer regarding trends for sales and output, the survey said.

Meanwhile, Brazilian goods producers faced challenges securing new export orders, with weaker demand mainly coming from Asia, Europe, and Latin America.

Manufacturing employment increased in March as existing positions were filled and consumer appetite improved.

On the price front, both input and output charges showed mild increases in March. The overall increase in input costs was mainly attributed to higher costs for international freight, metals, plastics, and textiles.

Looking ahead, firms remained confident about output over the next twelve months, stemming from planned acquisitions and the inauguration of new plants, along with new product releases and investment.

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