Manufacturing Activity of Indonesia Accelerates Modestly in January 2023
Manufacturing activity continued to expand in the first month of 2023, even slightly accelerating from the preceding month. The S&P Global Indonesia Manufacturing Purchasing Managers’ Index (PMI) showed a reading of 51.3 points in January 2023, up modestly from 50.9 points in December 2022 (with 50.0 being the threshold that separates contraction from expansion in the manufacturing sector).
Operating conditions continued to improve in Indonesia’s manufacturing sector in January 2023, supported by higher levels of output and new orders (that both rose at their fastest in three months). Respondents in the survey stated that there were high levels of client requests that conversed into hard business wins at the start of 2023. Promotional activities also supported improving market demand.
However, a trend that has been ongoing for a long time, it are domestic orders that support the manufacturing sector. New export orders declined for the eight-straight month. And so, Indonesia’s manufacturing sector is highly dependent on domestic orders (fortunately Indonesia forms a huge market).
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