PETALING JAYA: Malaysia’s Industrial Production Index (IPI) in October 2024 rose 2.1% year-on-year, spurred by steady output growth in the manufacturing sector.
Chief Statistician Malaysia Datuk Seri Dr Mohd Uzir Mahidin said, “The IPI maintained positive growth in October 2024, albeit at a slower rate of 2.1% after registering 2.3% growth in the preceding month. The increase was spearheaded by the manufacturing sector which expanded by 3.3%, up from 3.2% in September 2024 and a 2.5% rose in electricity output (September 2024: 3.9%).”
However, production in the mining sector decreased further by 2.8% against negative growth of 2.2% in the previous month.
Month-on-month, the IPI increased 1.7% from negative 0.7% in September 2024.
The rise in manufacturing output in October 2024 was supported by domestic-oriented industries, which expanded by 3.3% (September 2024: 2.7%).
This upturn was primarily led by the manufacture of fabricated metal products, except machinery & equipment, which registered an increase of 6.5%; followed by the manufacture of food processing products at 4.5%; and the manufacture of other non-metallic mineral products at 5.2%. In comparison with the preceding month, domestic-oriented industries turned downwards to negative 0.9% as opposed to an increase of 0.1% in the previous month.
In the meantime, the growth of export-oriented industries remained sound at 3.3% after marking a positive growth of 3.4% in September 2024. The steady performance was anchored mainly by a double-digit growth of 12.7% in the manufacture of vegetable & animal oils & fats; and followed by manufacture of rubber products at 10.9%.
In addition, the manufacture of computer, electronics & optical products continued its positive momentum, with a growth of 2.9%. The year-on-year expansion of export-oriented industries reflects the performance of the country’s export of manufactured goods, which increased by 3.1% in October 2024. In terms of month-on-month, the export-oriented industries fell 1.4% from negative 1.6% growth in September 2024.
Mohd Uzir said, “The contraction of 2.8% in the mining sector in October 2024 was due to a continuous decline in crude oil & condensate production at negative 7.5% (September 2024: -11.4%) and slowed down to a marginal growth of 0.4% in the natural gas output (September 2024: 4.5%). Conversely, the mining index ascended by 14.7% month-on-month, compared to 2.8% in the preceding month.”
Meanwhile, the generation of electricity grew by 2.5% year-on-year in October 2024 after registering an increase of 3.9% in September 2024. In comparison with the preceding month, the electricity index rebounded to 4.2% as against the negative 3.9% in September 2024.
Mohd Uzir said that for the first 10 months this year (January-October 2024), the IPI improved to 3.7% (January-October 2023: 0.8%), with all sectors posting increases, namely the mining index (0.9%); manufacturing index (4.2%), and electricity index (6%).
