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Production Index and Net Sales Index (Monthly Integrated Survey of Selected Industries) January 2024 (2018=100)

Release Date:
Reference Number: 2024-74
Table A. Year-on-Year Growth Rates of Production Index, Net Sales Index            and Producer Price Index for Total Manufacturing (2018=100)  January 2023, December 2023r, and January 2024p (in Percent)
A. Year-on-year Growth for January 2024
1. Value of Production Index (VaPI)

The VaPI for manufacturing continued to increase at an annual rate of 0.9 percent in January 2024. This was slower compared with its annual growth of 2.2 percent in the previous month. In January 2023, VaPI recorded a double-digit annual increase of 12.5 percent. (Figure 2, and Tables A and 1)

The slower increment in the annual growth of VaPI during the month was primarily brought about by the annual drop in the manufacture of basic metals industry division at 6.6 percent in January 2024 from a double-digit annual increment of 16.8 percent in the previous month. The manufacture of basic metals contributed 34.0 percent to the deceleration in the annual increase of VaPI for the manufacturing section in January 2024. Out of the 22 industry divisions for the manufacturing section, manufacture of basic metals was the fifth industry division with the highest weight  in the computation of VaPI.

Other primary contributors to the slower year-on-year growth of VaPI in January 2024 were the annual decline of manufacture of transport equipment at 2.9 percent from an annual increase of 12.7 percent in the previous month, and the slowdown in the annual increment of manufacture of electrical equipment at 11.3 percent in January 2024 from 41.0 percent in the previous month.

Of the remaining 19 industry divisions, 11 exhibited annual reductions during the period. Meanwhile, eight industry divisions posted annual increases in January 2024. The manufacture of coke and refined petroleum products posted the highest annual increment of 27.8 percent during the period. (Tables C and 1)

The top three industry divisions contributing to the overall year-on-year growth of VaPI for manufacturing in January 2024 were the following:

a. Manufacture of coke and refined petroleum products;      
b. Manufacture of beverages; and      
c. Manufacture of electrical equipment.

 

Figure 1. Value and Volume of Production Index for Total Manufacturing January 2023 to January 2024p (2018=100)

 

Figure 2. Year-on-Year Growth Rates (%) of Value and Volume                                                       of Production Index for Total Manufacturing January 2023 to January 2024p (2018=100)

 

The VaPI for manufacture of food products registered an annual drop of 3.7 percent in January 2024. This was faster compared with its annual decline in December 2023 at 3.3 percent. However, VaPI for manufacture of food products recorded a double-digit annual increase of 14.3 percent in January 2023. (Figure 3, and Tables 1 and 1a)

The faster in the year-on-year decline of VaPI for manufacture of food products in January 2024 was primarily driven by the slowdown in the annual increase in manufacture of prepared animal feeds at 3.0 percent during the month from a double-digit annual increase of 28.4 percent in the previous month.

Other primary contributors to the faster year-on-year decrement of VaPI for manufacture of food products were the faster annual decline in manufacture of dairy products at 23.0 percent during the month from an annual drop of 10.0 percent in the previous month, and the slower annual increase noted in manufacture of vegetable and animal oils and fats at 3.1 percent in January 2024 from an annual increment of 8.2 percent in the previous month. (Table 3a)

 

Figure 3. Year-on-Year Growth Rates (%) of Value and Volume of Production Index for Manufacture of Food Products  January 2023 to January 2024p (2018=100)

 

 

2. Volume of Production Index (VoPI)

The VoPI for manufacturing registered a year-on-year increment of 1.9 percent in January 2024, which was faster than the annual growth rate of 1.6 percent in the previous month. In January 2023, VoPI recorded an annual increase of 7.3 percent. (Figure 2, and Tables A and 2)

The expansion in the annual growth of the VoPI in January 2024 was mainly brought about by the slower annual drop in the manufacture of computer, electronic and optical products at 7.1 percent in January 2024 compared with its double-digit annual decline of 16.5 percent in the previous month. The manufacture of computer, electronic and optical products contributed 28.9 percent to the uptrend of VoPI for the manufacturing section in January 2024.

Other main contributors to the higher year-on-year growth of VoPI in January 2024 were the slower annual decrement in the manufacture of beverages at  0.3 percent during the period from 14.0 percent annual decrease in the previous month, and the double-digit annual increase observed in the manufacture of fabricated metal products, except machinery and equipment at 11.5 percent in January 2024 from its annual decline of 11.7 percent in the previous month.

Of the remaining 19 industry divisions, eight registered year-on-year increases in January 2024. In contrast, 11 industry divisions posted annual declines during the period. The highest annual drop was observed in manufacture of textiles at 31.5 percent. (Tables D and 2)

The top three industry divisions contributing to the overall year-on-year growth of VoPI for manufacturing in January 2024 were the following:

a. Manufacture of coke and refined petroleum products;      
b. Manufacture of fabricated metal products, except machinery and equipment; and      
c. Manufacture of electrical equipment.

The VoPI for manufacture of food products registered an annual drop of 4.7 percent in January 2024. This was faster compared with its annual decline of 4.3 percent in December 2023. In January 2023, VoPI for manufacture of food products recorded an annual increase of 6.4 percent. (Figure 3, and Tables 2 and 2a)

The faster year-on-year decline of the VoPI for manufacture of food products in January 2024 was primarily driven by the slowdown observed in the annual increase of manufacture of prepared animal feeds at 2.7 percent during the month from its double-digit annual increase of 25.8 percent in the previous month.

Other primary contributors to the faster year-on-year decrement of VoPI for manufacture of food products were the faster annual decline noted in manufacture of dairy products at 23.8 percent in January 2024 from an annual drop of 11.0 percent in the previous month, and the slowdown observed in the annual increase of manufacture of vegetable and animal oils and fats at 9.0 percent during the month from an annual increase of 17.5 percent in the previous month. (Table 2a)

 

 

3. Value of Net Sales Index (VaNSI)

The VaNSI for manufacturing recorded a faster annual decrease of 5.1 percent   in January 2024 compared with its annual drop of 1.4 percent in the previous month. In January 2023, VaNSI recorded a double-digit annual increase of 15.0 percent. (Figure 5, and Tables A and 3).

The faster year-on-year decline of VaNSI during the month was primarily brought about by the annual decrease in the manufacture of basic metals industry division at 21.4 percent in January 2024 from 11.5 percent annual increment in December 2023. The manufacture of basic metals contributed 55.1 percent to the trend of VaNSI for the manufacturing section in January 2024.

Other main contributors to the faster annual decline of VaNSI in January 2024 were the annual drop in the manufacture of electrical equipment industry division at 8.4 percent in January 2024 from a double-digit annual increment of 20.3 percent in the previous month, and the slowdown observed in the annual increase of manufacture of fabricated metal products, except machinery and equipment at 8.8 percent during the month from a double-digit annual growth rate of 22.9 percent in the previous month.

Furthermore, ten out of the 19 remaining industry divisions exhibited annual downturns in their indices during the period, while the other nine industry divisions posted annual increases. The highest year-on-year increment was noted in the manufacture of leather and related products, including footwear at 25.8 percent during the period. (Tables E and 3)

The top three industry divisions contributing to the overall year-on-year growth of VaNSI for manufacturing in January 2024 were the following:

a. Manufacture of basic metals;      
b. Manufacture of other non-metallic mineral products; and      
c. Manufacture of food products.

Figure 4. Value and Volume of Net Sales Index for Total Manufacturing January 2023 to January 2024p (2018=100)

 

Figure 5. Year-on-Year Growth Rates (%) of Net Sales Index for Total Manufacturing January 2023 to January 2024p (2018=100)

 

The VaNSI for manufacture of food products registered an annual decline of 1.5 percent in January 2024. This was slower compared with its annual decline of 3.9 percent in December 2023. However, VaNSI for manufacture of food products recorded an annual increase of 7.4 percent in January 2023. (Figure 6, and Tables 3 and 3a)

The slower year-on-year decline of VaNSI for manufacture of food products in January 2024 was primarily driven by the annual increase in the manufacture of other food products industry group at 3.5 percent in January 2024 from 8.0 percent annual decrement in December 2023. The manufacture of other food products industry group includes bakery products, sugar, and condiments, among others.

Other primary contributors to the slower year-on-year downturn of VaNSI for manufacture of food products were the annual increase in the manufacture of grain mill products, starches and starch products industry group at 1.8 percent in January 2024 from 34.5 percent annual decrement in December 2023, and slowdown in the annual decrease in manufacture of vegetable and animal oils and fats at 6.4 percent during the month from a double-digit annual drop of 10.7 percent in the previous month. (Table 3a)

Figure 6. Year-on-Year Growth Rates (%) of Net Sales Index for Manufacture of Food Products: January 2023 to January 2024p (2018=100)

 

4. Volume of Net Sales Index (VoNSI)

The VoNSI for manufacturing registered a faster year-on-year decrement in January 2024 at 4.2 percent relative to its annual decrease of 2.0 percent in December 2023. In January 2023, VoNSI recorded an annual increase of 9.7 percent. (Figure 5, and Tables A and 4)   
                    
The top three industry divisions that contributed to the faster annual decrease of VoNSI during the period were the following:

a. Manufacture of basic metals, 18.8 percent annual drop from 16.1 percent annual increment in the previous month;      
b. Manufacture of transport equipment, 4.1 percent annual decrease from an annual increment of 3.8 percent in the past month; and      
c. Manufacture of electrical equipment, 9.0 percent annual decrease from 19.5 percent annual growth in December 2023.

Furthermore, 11 out of the 19 remaining industry divisions exhibited annual downturns during the period. Meanwhile, eight industry divisions posted annual increases in January 2024. The manufacture of wearing apparel posted the highest annual uptick of 24.7 percent during the period. (Tables F and 4)

The top three industry divisions contributing to the overall year-on-year growth of VoNSI for manufacturing in January 2024 were the following:

                             a.    Manufacture of basic metals; 
                             b.    Manufacture of food products; and
                             c.    Manufacture of transport equipment.

The VoNSI for manufacture of food products registered an annual drop of 2.6 percent in January 2024. This was slower compared with its annual decline of 4.9 percent in December 2023. The VoNSI for manufacture of food products also recorded an annual decrease of 0.1 percent in January 2023. (Figure 6, and Tables 4 and 4a)

The slower year-on-year decline of VoNSI for manufacture of food products in January 2024 was primarily driven by the annual increase in the manufacture of other food products industry group at 2.2 percent in January 2024 from 9.2 percent annual decrement in the previous month. The manufacture of other food products industry group includes bakery products, sugar, and condiments, among others.

Other primary contributors to the slower year-on-year decrement of VoNSI for manufacture of food products were the annual increase observed in the manufacture of grain mill products, starches and starch products at 0.6 percent during the month from its double-digit annual decline of 37.2 percent in the previous month, and the slower annual downturn noted in manufacture of vegetable and animal oils and fats at 1.0 percent in January 2024 from an annual drop of 3.1 percent in the previous month. (Table 4a)

 

B. Average Capacity Utilization Rate

Based on responding establishments, the average capacity utilization rate for the manufacturing section in January 2024 was reported at 74.5 percent from 74.4 percent in the previous month.

Almost all industry divisions reported capacity utilization rates of more than 60.0 percent during the month, except the manufacture of basic pharmaceutical products and pharmaceutical preparations (55.0%). The top three industry divisions in terms of reported capacity utilization rate were manufacture of furniture (88.7%), manufacture of transport equipment (86.0%), and manufacture of rubber and plastic products (82.4%). (Table 6)

The proportion of establishments that operated at full capacity (90% to 100%) was 26.7 percent of the total number of responding establishments. Meanwhile, 37.6 percent operated at 70 to 89 percent capacity, and 35.7 percent operated below 70 percent capacity. (Table B)

Table B. Distribution of Responding Establishments by Capacity Utilization for Total Manufacturing: January 2024p

      
 

CLAIRE DENNIS S. MAPA, PhD      
Undersecretary      
National Statistician and Civil Registrar General

 

 

Table C. Year-on-Year Growth Rates (%) of VaPI by Industry Division  December 2023r and January 2024p (2018=100)

 

Table D. Year-on-Year Growth Rates (%) of VoPI by Industry Division  December 2023r and January 2024p (2018=100)

 

Table E. Year-on-Year Growth Rates (%) of VaNSI by Industry Division December 2023r and January 2024p (2018=100)

 

Table F. Year-on-Year Growth Rates (%) of VoNSI by Industry Division December 2023r and January 2024p (2018=100)

 

 

 

See more at the Monthly Integrated Survey of Selected Industries (MISSI) landing page.

Attachment Size
Excel spreadsheet Table1_0124 49.83 KB
Excel spreadsheet Table1a_0124 23.84 KB
Excel spreadsheet Table2_0124 39.94 KB
Excel spreadsheet Table2a_0124 22.48 KB
Excel spreadsheet Table3_0124 40.67 KB
Excel spreadsheet Table3a_0124 24.34 KB
Excel spreadsheet Table4_0124 41.91 KB
Excel spreadsheet Table4a_0124 23.92 KB
Excel spreadsheet Table5_0124 42 KB
Excel spreadsheet Table6_0124 17.66 KB
Excel spreadsheet Table7_0124 15.86 KB
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