Malaysia June 2021 IPI up 1.4% y-o-y, posts m-o-m growth

KUALA LUMPUR (Aug 9): Malaysia’s Industrial Production Index (IPI) rose 1.4% year-on-year (y-o-y) in June 2021, led by growth in the mining segment while manufacturing and electricity segments contracted.

For the month of June 2021, the mining index rose 10.3% y-o-y, while manufacturing and electricity fell 0.2% and 4.8% respectively, the Department of Statistics Malaysia said.

Mining segment growth was led by 13.4% growth for natural gas, while crude oil and condensate IPI rose 6.3%.

Meanwhile export-oriented industries supported the manufacturing segment growth by 8.7%, as domestic-oriented industries contracted by 20.8%.

The main sub-sectors that contributed to the manufacturing sector were petroleum, chemical, rubber and plastic products (19%), and electrical and electronics products (E&E) (8.4%) while other sub-sectors contracted.

On a month-on-month (m-o-m) basis, Malaysia’s IPI grew for the first time since March 2021 at a rate of 1.6% on manufacturing segment support of 5.4% growth, where mining and electricity segments contracted 6.4% and 12.3% respectively.

Manufacturing segment m-o-m growth was supported by 20.2% growth in E&E, and a 14.5% rise for the petroleum, chemical, rubber and plastic products segment. Other sub-sectors contracted, the data showed.

Concurrently Malaysia’s second quarter 2021 (2Q2021) IPI growth soared 22.6% y-o-y — as opposed to 3.9% in 1Q2021 — and, as expected, was led by the manufacturing segment (26.3%) followed by mining (15.1%) and electricity (8.6%).

For the first six months of 2021 (1H2021), Malaysia’s IPI expanded 12.4%, represented by growth in all the manufacturing (15.7%), mining (4.5%) and electricity segments (4%).

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