The manufacturing of leather and related products, including footwear, stood out with a year-on-year (YoY) growth rate of 4.4 per cent in November 2023.
Overall, of the 19 industry divisions analysed, seven reported annual increases in their PPI. However, 12 divisions witnessed annual decreases, underscoring the uneven recovery across different manufacturing sectors, as per PSA.
On a month-on-month (MoM) basis, the manufacturing sector's PPI in November 2023 saw a more pronounced decline of 0.1 per cent, accelerating from the 0.03 per cent decline seen in October 2023. This contrasts with the 0.7 per cent monthly decrease experienced in November of the previous year.
In the detailed breakdown, the manufacturing of leather and related products showed a MoM growth of 1.4 per cent. Meanwhile, the textile manufacturing sector maintained a steady pace with no MoM growth.
Further dissecting the monthly performance across the 19 industry divisions, the report indicates that seven divisions experienced monthly increases, suggesting pockets of growth amidst general challenges. However, 10 divisions faced MoM declines, and two divisions recorded a stagnant MoM rate.
ALCHEMPro News Desk (DP)
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