KUALA LUMPUR, Oct 11 (Bernama) -- Malaysia’s Industrial Production Index (IPI) increased by 4.1 per cent in August 2024, propelled by the moderate growth in the manufacturing sector, said the Department of Statistics (DOSM).
“The Industrial Production Index (IPI) moderated to 4.1 per cent in August 2024, as compared to an increase of 5.3 per cent in the preceding month (July),” said chief statistician Datuk Seri Dr Mohd Uzir Mahidin.
Mohd Uzir said the increase was primarily supported by the expansion of the output in the manufacturing sector at 6.5 per cent, compared to 7.7 per cent in July.
“This is followed by the positive growth of 4.1 per cent (July 2024: 7.0 per cent) in electricity output.
“Inversely, the output of the mining sector continued to decline year-on-year (y-o-y) for two consecutive months by recording a 6.4 per cent decline in August 2024, compared to a 5.0 per cent decline in July,” he said in a statement today.
For a month-on-month (m-o-m) comparison, DOSM said the IPI rebounded to 1.7 per cent in August 202 after declining by 1.5 per cent in the previous month.
It added that the increase in manufacturing output in August 2024 was supported by the production in export-oriented industries, which softened to 6.3 per cent growth as against 7.8 per cent recorded in July 2024.
“The growth was mainly supported by the resilient growth observed in the manufacture of vegetable and animal oils as well as fats, which recorded an increase of 22.6 per cent (July 2024: 21.9 per cent), and the manufacturing of rubber products at 11.1 per cent (July 2024: 10.5 per cent).
“In addition, the manufacturing of computers, electronics and optical products also contributed to the increase by recording 8.7 per cent growth (July 2024: 5.0 per cent),” it said.
DOSM added that on a m-o-m comparison, the export-oriented industries improved by 3.0 per cent in August 2024 versus a 3.3 per cent decline in July.
It also said that the domestic-oriented industries continued to rise by registering 7.1 per cent, slightly slower than the 7.5 per cent increase recorded in the preceding month.
“This robust performance was largely influenced by a favourable growth in the manufacture of fabricated metal products, except machinery and equipment as well as the manufacture of motor vehicles, trailers and semi-trailers which increased by 10.3 per cent (July 2024: 9.1 per cent) and 7.7 per cent (July 2024: 3.9 per cent), respectively,” it said.
DOSM also noted that the IPI for several other countries, including Singapore, the United States, and Taiwan, experienced higher output growth in August 2024, while China, South Korea, and Vietnam continued to grow but slower than the preceding month.
“Conversely, Japan and Thailand declined during the month. Cumulatively, throughout the first eight months this year (January – August 2024), the IPI picked up by 4.1 per cent as compared to the same period in 2023, with all sectors posting an expansion, namely the mining index (1.8 per cent), manufacturing index (4.4 per cent) and electricity index (6.7 per cent),” it added.
-- BERNAMA
