Iman’s Monthly Report – October 2020

by | Dec 1, 2020 | Monthly Report

  • Oct 2020 solid fuel imports at 23.35 million Metric Tons (MMT) have reached pre-pandemic monthly average levels. The imports are higher than the 19.73 MMT imported in Oct last year’ and the turnaround in trend continues. Oct 2020 imports are also higher than Sep 2020 imports of 20.07 MMT by 16.34%.
  • October also saw a continuation of an uptick in economic activity with all the high frequency data accelerating quite sharply.
  • The IHS Markit India Manufacturing Purchasing Managers’ Index rose to 58.9 in October 2020—the highest since mid-2008—from 56.8 in September. A reading over 50 indicates economic expansion.
  • New orders and output at Indian manufacturers continued to recover from the Covid-19-induced contractions seen earlier in the year, with PMI results for October highlighting historically sharp monthly rates of expansion
  • The IHS Markit India Manufacturing Purchasing Managers’ Index rose to 58.9 in October 2020—the highest since mid-2008—from 56.8 in September. A reading over 50 indicates economic expansion.
  • New orders and output at Indian manufacturers continued to recover from the Covid-19-induced contractions seen earlier in the year, with PMI results for October highlighting historically sharp monthly rates of expansion.
  • Underlying data indicated that the domestic market was the key source of new business gains, as new orders from abroad declined further. The deterioration in international demand for Indian services was the slowest since March, but nevertheless sharper than any recorded prior to the COVID-19 outbreak.
  • The Nomura India Business Resumption Index (NIBRI) declined marginally to 85.3 for the week ended November 15 from a post-lockdown high of 85.8 a week earlier. The index is trending 15 percentage points below pre-pandemic levels.
  • The brokerage firm flagged the fading of momentum post the festive season, the satisfaction of pentup demand, and the likely drag on growth due to government as key downside risks for the economy.
  • Lockdowns in Gujarat, Delhi, Madhya Pradesh, Gujarat, Haryana and Himachal Pradesh can slow the economic recovery and the outlook on business resumption remains concerning, according to Nomura Business Resumption Index which is an index to gauge the recovery after the pandemic.

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This analysis has been compiled by obtaining data from Iman Resources’ sources.

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