Manufacturing Activity Weakens in India, Türkiye, and South Africa

Manufacturing activity weakened across India, Türkiye, and South Africa in August 2026, though the severity and causes of the decline differed by region. In India, the HSBC Manufacturing PMI fell for a third straight month to 52.8, marking the weakest improvement in five years due to slowing output and new orders.

Absa Group Ltd. reported that South Africa's PMI dropped to 45.8, the lowest reading of the year and the third consecutive month of contraction. This decline was driven by a sharp slump in domestic factory activity and new sales orders, which fell to 40.3 as consumer spending on non-essential goods remained subdued. South African manufacturers also faced high diesel and oil prices, alongside container shortages and logistics delays at Durban harbor.

In Türkiye, the Istanbul Chamber of Industry PMI rose slightly to 48.1, the highest level in three months, but remained in contraction territory. The sector continues to face pressure from the war in the Middle East, which has muted demand. Despite these regional struggles, South African manufacturers showed a rebound in six-month business expectations, rising to 54.7, suggesting the current downturn may be temporary.