Latest news with #ManufacturingProductionIndex
Bangkok Post
a day ago
- Business
- Bangkok Post
Manufacturing production index up for 2 months in a row y/y
The political risk that threatens to undermine the government should become clearer this month, indicative of whether the manufacturing sector will decelerate after the Manufacturing Production Index (MPI) rose by 1.8% year-on-year in May for a second consecutive month to 100.79 points, says the Office of Industrial Economics (OIE). The Constitutional Court is scheduled to convene on Tuesday to consider a petition submitted by the Senate in a bid to oust Prime Minister Paetongtarn Shinawatra over a contentious leaked recording of a phone call with Cambodian Senate president Hun Sen on the Thai-Cambodian territorial dispute. "The political problem has just started. Whether it will escalate or how the government will deal with it to prevent an impact on investment will soon be seen," said Passakorn Chairat, director-general of the OIE. Investment will hardly avoid the impact of growing concern over the government's stability as the premier is losing the trust of the public, Apichit Prasoprat, vice-chairman of the Federation of Thai Industries, said earlier. As of the end of May, the MPI grew steadily, driven by several factors, including car manufacturing, which increased by 12.8% year-on-year, and the value of exports, up by 18.4% cumulatively over an 11-month period. "Car bookings at the Motor Show prompted manufacturers to increase production to deliver cars to customers," said Mr Passakorn. Factories which sell products overseas also increased production to increase exports ahead of US President Donald Trump's reciprocal tariff of 36% on Thai imports, estimated to come into effect around July 8. In May, palm oil production soared by 25% due to more output and purchase orders from India, China and Myanmar. Sugar manufacturing also increased by 21% due to an increase in sugar cane as a result of an uptick in rainfall. Farmers also expanded their plantations because of higher crop prices. Capacity utilitsation stood at 61% in May, up from 56.6% in April. However, local air conditioner production fell by more than 10% year-on-year in May despite strong exports. This was due to a drop in domestic sales amid the rainy season and the import of low-cost air conditioners.
Bangkok Post
a day ago
- Business
- Bangkok Post
MPI up for two months in a row
The political risk that threatens to undermine the government should become clearer this month, indicative of whether the manufacturing sector will decelerate after the Manufacturing Production Index (MPI) rose by 1.8% year-on-year in May for a second consecutive month to 100.79 points, says the Office of Industrial Economics (OIE). The Constitutional Court is scheduled to convene on Tuesday to consider a petition submitted by the Senate in a bid to oust Prime Minister Paetongtarn Shinawatra over a contentious leaked recording of a phone call with Cambodian Senate president Hun Sen on the Thai-Cambodian territorial dispute. "The political problem has just started. Whether it will escalate or how the government will deal with it to prevent an impact on investment will soon be seen," said Passakorn Chairat, director-general of the OIE. Investment will hardly avoid the impact of growing concern over the government's stability as the premier is losing the trust of the public, Apichit Prasoprat, vice-chairman of the Federation of Thai Industries, said earlier. As of the end of May, the MPI grew steadily, driven by several factors, including car manufacturing, which increased by 12.8% year-on-year, and the value of exports, up by 18.4% cumulatively over an 11-month period. "Car bookings at the Motor Show prompted manufacturers to increase production to deliver cars to customers," said Mr Passakorn. Factories which sell products overseas also increased production to increase exports ahead of US President Donald Trump's reciprocal tariff of 36% on Thai imports, estimated to come into effect around July 8. In May, palm oil production soared by 25% due to more output and purchase orders from India, China and Myanmar. Sugar manufacturing also increased by 21% due to an increase in sugar cane as a result of an uptick in rainfall. Farmers also expanded their plantations because of higher crop prices. Capacity utilitsation stood at 61% in May, up from 56.6% in April. However, local air conditioner production fell by more than 10% year-on-year in May despite strong exports. This was due to a drop in domestic sales amid the rainy season and the import of low-cost air conditioners.
See - Sada Elbalad
a day ago
- Business
- See - Sada Elbalad
Discover Fastest-Growing Sectors During the 3rd Quarter of Current Fiscal Year
Ahmed Emam The Ministry of Planning, Economic Development and International Cooperation announced an increase in Egypt's Gross Domestic Product (GDP) growth rate during the third quarter of fiscal year 2024/2025, reaching 4.77%. This compares to a growth rate of 2.2% in the corresponding quarter of the previous fiscal year, marking the highest quarterly growth rate achieved in three years. This performance contributes to raising the average growth rate during the first nine months of the current fiscal year to approximately 4.2%, compared to about 2.4% during the same period of the previous fiscal year. It also reflects a sustained recovery and increasing resilience of the economy in the face of global uncertainty. This growth occurred amid the government's continued implementation of its reform agenda, as part of the National Structural Reforms Program. This program is a fundamental factor in maintaining macroeconomic stability, improving the governance of public investments, and enhancing the economy's competitiveness by bolstering the private sector's role in various productive areas. The growth witnessed in the third quarter was evident in the continued recovery of the non-petroleum manufacturing sector, which achieved a growth rate of 16.03% during the third quarter of fiscal year 2024/2025 compared to the same period of the previous fiscal year, when the activity recorded a contraction of 3.96%. This notable growth in the third quarter coincides with the state's keenness to intensify investments in the industrial sector, as it is a priority sector in the National Structural Reforms Program. Non-petroleum manufacturing activity was the largest contributor to GDP growth during the quarter, with its contribution reaching 1.9 percentage points out of the total growth of 4.77%. The growth in industrial activity resulted from an increase in industrial production, which was clearly reflected in the growth of the Manufacturing Production Index (excluding crude oil and petroleum products), averaging 16.03% during the third quarter of fiscal year 2024/2025. Industries such as automobiles, ready-made garments, beverages, paper manufacturing, and textiles achieved growth rates of 93%, 58%, 34%, 20%, and 17% respectively. Several other economic activities achieved positive growth rates during the third quarter of fiscal year 2024/2025. In this regard, tourism (restaurants and hotels) activity recorded a growth of 23%, with the number of tourists increasing to 3.94 million during the third quarter of the current fiscal year, compared to 3.79 million tourists in the corresponding quarter of the previous fiscal year. The number of tourist nights also rose to 40.97 million nights compared to 33.17 million nights in the corresponding quarter of the fiscal year. Furthermore, the communications and information technology sector achieved a growth rate of 14.7% during the third quarter of fiscal year 2024/2025. This coincided with the launch of the Wi-Fi Calling service in January 2025 to enhance call quality in areas with weak coverage, as well as the construction of over 3,000 mobile towers during 2024, as part of a plan targeting coverage of all highways and "Haya Karima" initiative villages by mid-year. Digital financial services also saw significant expansion; the number of e-wallets increased by 31% during the third quarter of 2024/2025 compared to the corresponding quarter of 2023/2024, reaching 43.7 million wallets. The number of financial transactions executed through them increased by 61%, and the total value of these transactions rose by 63% to record EGP 859.2 billion. On the other hand, some other sectors recorded negative growth rates during the third quarter of fiscal year 2024/2025. Among these activities is the Suez Canal activity, which contracted by 23.1%. However, this rate of contraction is decreasing compared to the corresponding quarter, when the activity contracted by 51.6% due to the onset of the crisis involving a decline in the number of ships passing through the Suez Canal. This was attributed to geopolitical tensions that have negatively impacted the canal's revenues so far. In this context, the Canal's revenues declined by 19% to $0.90 billion in the current quarter compared to approximately $1.1 billion in the corresponding quarter of the previous fiscal year. Similarly, the output of the extractive sector continued to decrease, contracting by 10.38% as a result of the contraction in both oil and natural gas activities during the third quarter of fiscal year 2024/2025. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean Arts & Culture "6 Ayam" Sets Streaming Date
Korea Herald
09-03-2025
- Business
- Korea Herald
S. Korea's manufacturing output posts biggest drop in 18 months in Jan.: data
South Korea's manufacturing production fell more than 4 percent from a year earlier in January, marking the sharpest drop in 18 months, data showed Sunday. The Manufacturing Production Index stood at 103.7 points in January, down 4.2 percent from a year ago, according to the data from Statistics Korea. It marked the steepest rate of on-year decrease since July 2023, when the index dropped 6.6 percent. The government said the sluggish manufacturing production can be largely attributed to the reduced number of business days in January due to the extended Lunar New Year holiday, but the report comes amid growing concerns over a prolonged slowdown. In detail, shipments of manufacturing products declined 7.4 percent on-year in January, posting the biggest drop in two years. Domestic shipping sank 11.8 percent, while overseas shipping edged down 1.2 percent. The South Korean manufacturing industry's purchasing managers' index also dropped to 49.9 points in February from 50.3 the previous month, according to leading financial researcher S&P Global. A PMI reading below 50 represents contraction in the sector, while a reading above 50 represents expansion. The Federation of Korean Industries has recently said the country's manufacturing industry is facing an "unprecedented crisis," calling on the government to provide support measures to bolster the competitiveness of the sector. (Yonhap)
