Production Index and Net Sales Index (Monthly Integrated Survey of Selected Industries) March 2020

Reference Number: 

2020-076

Release Date: 

Tuesday, May 5, 2020

 

Table A   Year-on-Year Growth Rates for Production Index, Net Sales Index
and Producer Price Index
March 2020, February 2020 and March 2019
(In Percent)

TOTAL MANUFACTURING

MARCH
2020
FEBRUARY
2020
MARCH
2019

Production Index (2000=100)

 

 

 

     Value   (VaPI)

-11.3

-1.0r

-4.4

     Volume   (VoPI)

-6.3

4.0r

-8.8

Net Sales Index (2000=100)

 

 

 

     Value   (VaNSI)

-14.1

2.4r

3.0

     Volume   (VoNSI)

-9.2

7.5r

-1.8

Producer Price Index (2000=100)

-5.4

-4.8r

4.8

r - revised

 

PRODUCTION

Value of Production Index posts a two-digit decrement in March 2020

Based on the preliminary results of the Monthly Integrated Survey of Selected Industries (MISSI), Value of Production Index (VaPI) for Manufacturing sector continued to drop at an annual rate of 11.3 percent in March 2020. This decline was faster than the reported decreases in the previous month at 1.0 percent and in March 2019 at 4.4 percent.   (Table A)

The reduction in VaPI was largely due to the decreases in the indices of 17 major industry groups, the first three, which had at least 30 percent annual declines, were petroleum products (-40.5%), tobacco products (-30.9%) and miscellaneous manufactures (-30.2%).   (Tables 1 and 1-A)

Volume of Production Index likewise contracts

The Volume of Production Index (VoPI), likewise, dropped at an annual rate of 6.3 percent in March 2020, from a positive growth of 4.0 percent in the previous month. In March 2019, VoPI shrank at a faster rate of 8.8 percent.   (Table A)

Fifteen major industry groups pulled-down the VoPI with the following major industry groups exhibiting at least 25 percent decreases: petroleum products (-34.3%), tobacco products (-33.9%) and miscellaneous manufactures (-29.0%). (Tables1-B and 2)

 

Figure 1

 

Figure 2

 

NET SALES

Value of Net Sales Index posts two-digit decrement

The Value of Net Sales Index (VaNSI) reflected a two-digit annual decrement of 14.1 percent in March 2020 after hitting a 2.4 percent annual growth in the previous month.  In March 2019, VaNSI grew by 3.0 percent annually.   (Table A)

The downtrend in the indices of 15 major industries pulled down the VaNSI during the month with petroleum products (-39.1%) and electrical machinery (-33.1%) posting at least 30 percent decline.   (Tables 2-A and 3)

Volume of Net Sales Index drops

Year-on-year, the Volume of Net Sales Index (VoNSI) decelerated by 9.2 percent in March 2020 from an increment of 7.5 percent in the previous month. In March 2019, it fell at an annual rate of 1.8 percent.   (Table A)

Pulling down the VoNSI to its current level were the downward movements in the indices of  13 major industry groups led by petroleum products (-32.7%), electrical machinery (-29.3%) and furniture and fixtures (-24.4%).   (Tables 2-B and 4)

 

Figure 3

 

CAPACITY UTILIZATION

Average Capacity Utilization Rate is highest for petroleum products

Average capacity utilization rate for total manufacturing in March 2020 was posted at 84.5 percent. Twelve of the 20 major industries had at least 80 percent capacity utilization rates which was led by petroleum products (90.1%), basic metals (88.8%) and machinery except electrical (86.4%).   (Table 6)

More than one-fifth of total manufacturing establishments operate at full capacity

The proportion of establishments that operated at full capacity (90% to 100%) was more than one-fifth (21.9%) of the total number of establishments for manufacturing. Almost half (44.6%) operated at 70 to 89 percent capacity while almost one-third (33.5%) operated below 70 percent capacity.   (Table B)

 

Table B   Distribution of Key Manufacturing Establishments by Capacity Utilization

for Total Manufacturing: March 2020

Capacity Utilization

Number of Responding Establishments

Percent Share

Below 50%

60

25.8

50% - 59%

6

2.6

60% - 69%

12

5.2

70% - 79%

42

18.0

80% - 89%

62

26.6

 90% - 100%

51

21.9

 

 

 

(Sgd.) CLAIRE DENNIS S. MAPA, Ph. D.
Undersecretary
National Statistician and Civil Registrar General

 

 


 

TABLE 1-A   Year-on-Year Growth Rate (%) of Value of Production Index
by Major Industry Group
February 2020 and March 2020
(2000 =100)
Table 1-A
 
 
TABLE 1-B   Year-on-Year Growth Rate (%) of Volume of Production Index
by Major Industry Group
February 2020 and March 2020
(2000 = 100)

Table 1-B

 

TABLE 2-A   Year-on-Year Growth Rate (%) of Value of Net Sales Index
by Major Industry Group
February 2020 and March 2020
(2000 =100)

Table 2-A

 

TABLE 2-B   Year-on-Year Growth Rate (%) of Volume of Net Sales Index
by Industry Group
February 2020 and March 2020
(2000 = 100)

Table 2-B

 

 

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