PUTRAJAYA: Malaysia’s Industrial Production Index (IPI) dipped 0.3% in August 2023 as manufacturing export-oriented industries declined while domestic...
Malaysia’s Industrial Production Index dipped 0.3% in August 2023 as manufacturing export-oriented industries declined while domestic-oriented industries continued to expand.
“The decrease in August 2023 was attributed to contraction in the manufacturing sector with negative 0.6% as compared to the negative 0.2% registered in July 2023. The mining sector grew marginally by 0.1% while the electricity sector expanded by 1.9% . As compared to the previous month, the IPI increased by 2.8%, contrasting the negative growth of 1.8% recorded in July 2023.”
The contraction, he added was mainly due to decreases in the manufacture of coke & refined petroleum products ; and the manufacture of computer, electronics & optical products . These declines mirrored the country’s export performance, which had been trending down since March 2023 and recorded an 18.6% decrease in August 2023.
“The increase was spearheaded by the manufacture of fabricated metal products, except machinery & equipment ; and the manufacture of food processing products . In comparison with the preceding month, the production of the manufacturing sector rebounded to 5.1% as against the negative 4.3% registered in July 2023,” he added.
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