1. Value of Production Index (VaPI)

The seasonally adjusted VaPI for total manufacturing grew at a monthly rate of 3.4 percent in April 2023. This is a recovery from the -1.2 percent month-on-month decline observed in March 2023.

Likewise, the seasonally adjusted VaPI for food manufacturing increased during the period, posting a monthly upturn of 8.8 percent from the monthly rate of -1.9 percent in the previous month. (Table 1)

2. Volume of Production Index (VoPI)

The monthly rate of the seasonally adjusted VoPI for total manufacturing increased to 2.9 percent in April 2023, an upturn from the -1.1 percent monthly decline in March 2023.

Similarly, the seasonally adjusted VoPI for food manufacturing posted a positive monthly growth of 7.7 percent in April 2023. This is an improvement from the -1.9 percent monthly decrease in the previous month. (Table 2)

3. Value of Net Sales Index (VaNSI)

The seasonally adjusted VaNSI for total manufacturing registered a slower month-on-month decline of -1.2 percent in April 2023 from the -1.6 percent monthly rate observed in March 2023.

Moreover, the seasonally adjusted VaNSI for food manufacturing continued its positive growth from the past month, registering a 1.8 percent monthly rate in April 2023 from 1.4 percent in the previous month. (Table 3)

Seasonal factors, such as the degree of demand for manufactured goods during the season, pulled down both indices.

4. Volume of Net Sales Index (VoNSI)

The seasonally adjusted VoNSI for total manufacturing exhibited a monthly decrement of -1.9 percent in April 2023 from the 0.1 percent month-on-month growth in March 2023.

In contrast, the seasonally adjusted VoNSI for food manufacturing grew by 1.4 percent in April 2023, an increase from the 1.0 percent monthly growth in   March 2023. (Table 4)

Seasonal factors, such as the low volume of orders for manufactured food products during the season, pulled down the total manufacturing index, while it pushed up the food manufacturing index.

DENNIS S. MAPA, Ph.D.
Undersecretary
National Statistician and Civil Registrar General

Technical Notes

The Monthly Integrated Survey of Selected Industries (MISSI) generates the original series of the Value of Production Index (VaPI), Volume of Production Index (VoPI), Value of Net Sales Index (VaNSI), and Volume of Net Sales Index (VoNSI). These indices provide information on the performance of growth-oriented industries in the manufacturing sector.

This special release features the seasonally adjusted VaPI, VoPI, VaNSI, and VoNSI using X-13 Auto-Regressive Integrated Moving Average (ARIMA) of JDemetra+. The seasonally adjusted series show the trend of value and volume of production and net sales of the manufacturing sector without the effects of seasonal factors.

The decomposition model chosen for the seasonal adjustment for each index is shown below.