Industrial Production Index, April 2023

 

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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