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Colombia PMI March 2024

Colombia: Manufacturing PMI softens in March amid economic challenges

The Davivienda Colombia Manufacturing Purchasing Managers’ Index (PMI) fell to 50.6 in March from 51.2 in February. As a result, the index remained above the 50.0 no-change threshold but signaled a softer improvement in manufacturing sector operating conditions compared to the previous month.

March’s downtick reflected new orders falling for the first time in four months—albeit only mildly—due to demand reduction and a challenging underlying economic environment. Moreover, output growth slowed from the prior month, though resilient demand for certain items and new product launches supported production. More positively, job creation hit a near one-year high.

Regarding prices, companies attempted to stimulate demand by reducing selling prices for the first time in five months. Conversely, input prices continued to rise, albeit at a slower pace. Lastly, business sentiment was dampened by concerns over public policy and unemployment, despite optimism regarding higher sales and the launch of new products. This mixed sentiment reflects the complex environment manufacturers are navigating.

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