A gauge measuring South African manufacturing sentiment dropped the most in nine months in April after the worst flooding in almost three decades left more than 400 people dead, damaged businesses and halted operations at the nation’s biggest port.
Absa's purchasing managers’ index, compiled by the Bureau for Economic Research, dropped to 50.7 from 60 a month earlier. That’s the biggest monthly decline and the lowest reading since July, when deadly riots, looting and arson that erupted in the eastern KwaZulu-Natal province disrupted supply chains, industrial output and demand for manufactured goods.
Factories not directly affected by the flooding probably saw a drop in demand and export sales that likely stemmed from the temporary closing of the harbor, the Johannesburg-based lender said Tuesday in an emailed statement. “While normal harbor operations resumed after a few days, export deliveries will remain strained for some time due to significant backlogs and limited availability of vessel space,” Absa said.
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