Overview

The sales value of the Manufacturing sector posted double-digit growth of  10.3 per cent to record RM145.2 billion
in February 2023

The growth of sales value of the Manufacturing sector returned to record double-digit growth of 10.3 per cent in February 2023, with a value of RM145.2 billion. The increase was contributed by the strong growth in Transport equipment & other manufactures (14.3%); Food, beverages & tobacco products (14.0%) and Electrical & electronics products (10.0%) sub-sectors. Nonetheless, on a month-on-month comparison, the sales value continued to decrease for three consecutive months to register negative 1.9 per cent.

The sales value of export-oriented industries which accounted for 71.1 per cent of total sales registered an encouraging expansion of 10.0 per cent in February 2023 as against 6.9 per cent recorded in January 2023. Similarly, the domestic-oriented industries accelerated to 11.0 per cent as against 5.6 per cent recorded in the preceding month. As compared to January 2023, export-oriented industries remained on a declining trend since October 2022 with negative 2.1 per cent while domestic-oriented industries dropped by 1.3 per cent in February 2023.

There were 2.35 million persons engaged in the Manufacturing sector in February 2023 which increased by 3.3 per cent as against 2.28 million persons registered a year ago (January 2023: 3.0%). The increment was mainly driven by the Food, beverages & tobacco products (5.6%); Electrical & electronic products (4.4%); and Petroleum, chemical, rubber & plastic products (2.8%) sub-sectors. The number of persons engaged in these three sub-sectors encompasses more than half of the total in the Manufacturing sector. As compared to the preceding month, the number of employees grew 0.3 per cent.

In line with the increase in the number of employees, the salaries & wages paid in the Manufacturing sector went up by 4.6 per cent year-on-year which amounted to RM8.16 billion in February 2023. In comparison with the previous month, the salaries & wages slightly dropped by 0.2 per cent from RM8.18 billion. In addition, the average monthly salaries & wages per employee posted an increase of 1.3 per cent as compared to a year ago with a value of RM3,474 while the sales value per employee rose by 6.8 per cent to record RM61,796.

Summarising the performance for the first two months of 2023, the sales value of the Manufacturing sector rose by 8.3 per cent to register RM293.2 billion as against the same period in 2022. The number of employees added by 3.3 per cent to record a total of 2.35 million persons with salaries & wages grew by 4.3 per cent to RM16.3 billion. Furthermore, sales value per employee registered a growth of 4.9 per cent, amounting to RM124,780.

The full publication of the Monthly Manufacturing Statistics, February 2023 can be downloaded through eStatistik portal.

*Note

             Data for February 2023 is provisional. The data will be updated based on the latest available figures and subsequently published in the March 2023 publication.

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