Stanbic Bank’s PMI Down to 52.90 in January From 53

The IHS Markit Stanbic Bank Kenya Purchasing Managers Index (PMI) for the month of January came in at 52.90 slightly weaker than the prior month’s 53.0.

Overall growth was underpinned by a faster acceleration in output (25 percent weighting), the highest in two years bolstered by more favorable demand conditions and new client acquisition.

Greater client demand propelled new orders (30 percent weight) and purchasing activity (10 percent weight).

“We expect with an improved business environment on the back of political noise, the upcoming PMI prints will be above 50 (denoting expansion),” said analysts from Genghis Capital Investment Bank.

Sugar

Sugar Directorate report indicates that volume of sugar imports grew 196.19 percent on a year to year to 989,619 tons.

83.86 percent of the total consignment was tale sugar which surged following the importation of duty-free sugar between May and August last year to mitigate the shortage in the country.

Non-Comesa region accounted for 627,756 tons (63.43 percent) of the imports with Brazil imports taking the lion’s share.

Domestic sugar production in the first nine months of 2017 dipped 29.54 percent on a year to year basis to 252,113 tons.