Indonesia's April 2023 Manufacturing PMI Score Rises, Surpassing the United States and China

The Ministry of Industry (Kemenperin) released the results of research conducted by S&P Global on the Purchasing Managers' Index (PMI) for manufacturing in April 2023.

Indonesia scored 52.7 points on a scale of 0-100. This is an increase compared to March 2023's score of 51.9 points.

This value falls within the expansion phase. Kemenperin stated that this improvement in business conditions is supported by continuously strengthening domestic demand.

“Indonesia's manufacturing PMI is above the neutral point of 50.0 points, or in the expansion phase, which has been sustained for 20 consecutive months. We continue to maintain this good performance and need to improve it further,” said Minister of Industry Agus Gumiwang Kartasasmita in Jakarta on Tuesday (2/5/2023), as quoted from the official Kemenperin website.

Agus stated that the expansionary conditions in Indonesia's manufacturing PMI are consistent with the results of the Industrial Confidence Index (IKI) in April 2023, which reached 51.38 points.

(See also: Industrial Confidence Index Down for Three Consecutive Months, Remains in Expansion Phase)

Among the Asian region, the European Union, and the United States, Indonesia's position is relatively high.

However, Thailand obtained a significantly higher score of 60.4 points, while India scored 57.2 points.

Major countries like the United States scored below Indonesia at 50.7 points, while China scored 49.5 points.

Agus revealed that the industrial sector in some developed countries is still experiencing contraction. This is evident in their manufacturing PMI scores: Germany (44 points), France (45.5 points), the United Kingdom (46.6 points), South Korea (48.1 points), and Japan (49.5 points).

“So, amidst the weakening of the manufacturing PMI in developed countries, Indonesia's manufacturing PMI continues to grow acceleratively and impressively,” said Agus.

This PMI figure indicates optimism among business sector players regarding future economic conditions. Investors and analysts frequently use this manufacturing PMI as a reference.

(See also: Indonesia's Manufacturing PMI Soars to 53.7 Points, Highest Since January 2022)