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According to data from the Malaysian Department of Statistics, Malaysia’s Industrial Production Index (IPI) fell by 0.5% year-on-year in September 2023, mainly affected by the decline in oil and gas activities in the mining industry.
Mining output fell by 5.2%, while manufacturing increased slightly by 0.4%. The downward trend in the mining industry was affected by negative growth in natural gas production, and crude oil and condensate production also continued to decline. The expansion of the manufacturing sector was supported by the stable performance of domestically oriented industries, with growth in manufacturing of metal products, manufacturing of food processing products and manufacturing of other non-metallic mineral products.
Export-oriented industries continued to decline, mainly due to negative growth in areas such as coke and refined petroleum product manufacturing, unclassified machinery and equipment manufacturing, and computer, electronic and optical product manufacturing. Despite the improvement in export performance, the monthly IPI growth rate still fluctuated slightly. IPI growth in the first nine months slowed to 0.8%.
(Source: theedgemalaysia Image source: freepik)
