Overview
Malaysia's Industrial Production Index
contracted by 3.3 per cent in April 2023, weighed down by all sectors
The
IPI turned downward to negative 3.3 per cent in April 2023 as against positive
3.2 per cent recorded in the preceding month. The decrease in April 2023 was
attributed to contraction in all sectors, namely Mining with negative 4.9 per cent (March 2023: 0.8%); Manufacturing with negative 3.0
per cent (March 2023: 4.1%); and Electricity with negative 2.0 per cent (March
2023: 0.4%). In comparison with the preceding month, the IPI declined by 10.8
per cent after registering a growth of 8.4 per cent in March 2023
The
deterioration of the Manufacturing sector by 3.0 per cent in April 2023 was its
first contraction since July 2021, mainly influenced by the decline of 3.5 per
cent in export-oriented industries (March 2023: 3.6%). In addition, the
contraction of export-oriented industries in April 2023 was the first recorded
in 34 months, attributable to the decline in the. Manufacture of rubber products
by 16.5 per cent and the Manufacture of computers, electronics & optical
products which posted a negative 1.8 per cent. In the meantime, the
domestic-oriented industries recorded a fall of 2.1 per cent particularly
attributed to the Manufacture of motor vehicles, trailers & semi-trailers (-15.5%); Manufacture of beverages (-5.5%); and Manufacture of food
processing products (-4.9%). A month-on-month comparison, the Manufacturing
sector shrank by 11.4 per cent after registering 7.8 per cent in March 2023.
The
production in the Mining sector slowed by 4.9 per cent in April 2023, weighed
down by a continuous downturn in the Natural Gas index by 7.8 per cent and a marginal drop of 0.9 per cent in the Crude Oil &
Condensate index. As compared to March 2023, the Mining index posted a
double-digit decline of 10.7 per cent as compared to an increase of 8.5 per cent recorded in March 2023.
Similarly,
the Electricity output dropped by 2.0 per cent in April 2023 after recording
slight growth of 0.4 per cent in March 2023. In a month-on-month comparison,
the Electricity index weaken by 4.8 per cent as against positive growth of 15.1
per cent recorded in the preceding month.
For
the first four months of 2023, the IPI moderated to 1.3 per cent as compared to
the same period of 2022. During the period, the Manufacturing and Mining
indices increased by 1.8 per cent and 0.3 per cent respectively, while the
Electricity index went down by 1.2 per cent.
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