Macro/ Strategy

Production growth continued

After a slowing month in October, IIP inched up slightly in November, increasing by 8.4% YoY. In 11M2024, IIP also grew by 8.8% YoY, implying a growth nearly 9% for year 2024 – a positive figure. Manufacturing played an important role in the overall growth contribution. The manufacturing sector in November grew by a double digit number 11.2% YoY, the highest growth compared to other sectors like mining & quarrying (-9.85% YoY); electricity & gas (+5.46% YoY); water supply; sewerage, waste management and remediation activities (+6.67% YoY).

Trading growth in November was slower

In November, export and import grew by 8.4% YoY and 10.4%, reaching USD 33.7bn and USD 32.7bn, respectively. Export and import values decreased by 6.8% MoM and 4.7% MoM due to the weak international demand. PMI decreased from 51.2 in October to 50.8 in November. New orders falter slightly rather than continuing to gain momentum following the disruption caused by Typhoon Yagi in September.