Malaysia’s IPI up YoY in Oct ’24

Malaysia’s Industrial Production Index (IPI) rose by 2.1 per cent year-on-year in October 2024, slightly down from 2.3 per cent in September. The Manufacturing and Electricity sectors led the increase, by 3.3 per cent and 2.5 per cent, respectively. However, the Mining sector fell by 2.8 per cent.

Seasonally adjusted, the IPI contracted by 0.1 per cent, with declines in Manufacturing (1.1 per cent) and Electricity (0.1 per cent), while Mining grew by 4.9 per cent.

Sector Performances

• The Manufacturing sector grew by 3.3 per cent, with notable increases in Food, Beverages, and Tobacco Products (7.7 per cent), Non-metallic Mineral Products (5.1 per cent), and Electrical and Electronics Products (3.0 per cent).
• The Mining sector contracted by 2.8 per cent YoY, primarily due to a 7.5 per cent drop in Crude Oil and Condensate production, though Natural Gas saw a slight increase of 0.4 per cent.
• Electricity generation grew by 2.5 per cent.

Domestic vs. Export-Oriented Industries

Domestic-oriented Manufacturing industries rose by 3.3 per cent, led by fabricated metal products (6.5 per cent) and food processing products (4.5 per cent). Export-oriented industries maintained growth at 3.3 per cent, supported by strong performance in vegetable oils and fats (12.7 per cent), rubber products (10.9 per cent), and electronics (2.9 per cent).

Cumulative Performance (January to October 2024)

The IPI increased by 3.7 per cent for the year, driven by Manufacturing (4.2 per cent), Mining (0.9 per cent), and Electricity (6.0 per cent).

Attribution: Industrial Production Index Oct 2024

Subediting: M. S. Salama