KUALA LUMPUR, Aug 9 — Malaysia’s Industrial Production Index (IPI) rose by five per cent year-on-year in June 2024, sustaining a positive momentum for six consecutive months, driven by consistent growth in the manufacturing sector, according to the Department of Statistics Malaysia (DOSM).
Chief Statistician Datuk Seri Mohd Uzir Mahidin said the manufacturing sector grew by 5.2 per cent (May 2024: 4.6 per cent), with a 4.9 per cent turnaround in the mining sector production (May 2024: -6.9 per cent) and 3.5 per cent growth in the electricity sector (May 2024: 4.5 per cent).
Compared to the previous month, the IPI went up by 4.8 per cent compared to the 3.5 per cent recorded in May 2024.
“The steady output growth in the manufacturing sector was bolstered by expansion in export-oriented industries at 5.4 per cent (May 2024: 3.7 per cent), marking the highest increase since September 2022.
“The strong production expansion was observed in the manufacture of coke and refined petroleum products, which rebounded to 12.5 per cent (May 2024: -5.5 per cent), and the manufacture of vegetable and animal oils & fats, which accelerated by 11.0 per cent (May 2024: 4.8 per cent),” he said in a statement today.
Uzir added that the manufacture of computers, electronics, and optical products also supported the growth at 4.9 per cent in June 2024 (May 2024: 8.4 per cent).
On a month-on-month (m-o-m) basis, the export-oriented industries increased by 11.8 per cent (May 2024: 9.0 per cent), while the growth of domestic-oriented industries output grew modestly by 4.6 per cent as against 6.4 per cent recorded in May 2024.
The domestic-oriented industries slipped by 5.4 per cent in June 2024, in contrast with the positive growth of 2.3 per cent in the previous month.
“Looking at the performance of several countries, the IPI was positive in China, South Korea, Taiwan, Vietnam, and the United States.
“Conversely, Singapore, Thailand, and Japan experienced a decline in IPI in June 2024,” Uzir said.
For the second quarter of 2024 (2Q 2024), the IPI advanced further by 4.5 per cent as against 3.3 per cent recorded in the first quarter of 2024 (1Q 2024), driven by the manufacturing sector growth of 4.9 per cent (1Q 2024: 2.1 per cent).
“Meanwhile, the IPI for mining and electricity sectors grew modestly by 2.4 per cent (1Q 2024: 5.9 per cent) and 5.3 per cent (1Q 2024: 9.1 per cent) respectively.
“The IPI dropped by 1.2 per cent in 2Q 2024 against 1Q 2024, influenced by a decline in the mining sector,” he said.
— Bernama
