Weakening Demand Causes Indonesian Manufacturing Index to Fall in Q2 2024

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Adi Ahdiat 17/07/2024 14:37 WIB

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Indonesia's Manufacturing Purchasing Managers' Index (PMI) declined throughout the second quarter of 2024, indicating weakening demand growth.

Indonesia Manufacturing Purchasing Managers' Index (PMI) (January 2023 - June 2024)

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Indonesia Manufacturing Purchasing Managers' Index (PMI) (January 2023 - June 2024)

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Demand in Indonesia's manufacturing sector weakened throughout the second quarter of 2024.

This is evident from the Purchasing Manager's Index (PMI) report released by the financial intelligence firm S&P Global.

Each month, S&P Global surveys managers from hundreds of manufacturing companies in various countries, including Indonesia.

Variables surveyed include production volume growth, export and domestic orders, workforce numbers, supplier delivery times, and the stock of materials purchased by each company.

The survey results are processed into a score on a scale of 0-100. A score below 50 reflects a decline; a score of 50 indicates stability or no change; and a score above 50 indicates strengthening or expansion compared to the previous month.

In April 2024, Indonesia's manufacturing PMI score was 52.9, down from the previous month.

The decline continued until it reached 50.7 in June 2024.

Although the index remains in the expansionary zone, this indicates weakening demand.

"Indonesian manufacturing lost significant momentum in June, with new order growth almost grinding to a halt as exports fell for a fourth consecutive month," said Trevor Balchin, Economics Director at S&P Global Market Intelligence, in a press release (July 1, 2024).

According to S&P Global, the surveyed Indonesian manufacturing companies generally remain optimistic about new projects, new customers, increased client purchasing power, lower inflation, and supportive government policies over the next year.

However, the level of optimism in June 2024 was the weakest in the history of the survey.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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