Jakarta: The latest Prompt Manufacturing Index-Bank Indonesia (PMI-BI) indicated stronger manufacturing industry performance in the first quarter of 2021, moving into an expansionary phase.
This was confirmed by a reading of 50.01% in the reporting period, increasing from 47.29% in the fourth quarter of 2020d.
The higher PMI-BI confirms recent findings published in the Business Survey (SKDU) that also point to increasing manufacturing industry activity.
"Broad gains were recorded across nearly all PMI-BI components, particularly order volume, inventory and production volume, which moved into expansionary territory," stated BI in a press release on Wednesday.
"By subsector, most respondents reported improving performance in the first quarter of 2021, led by Food, Beverages and Tobacco, Fertilizers, Chemicals and Rubber Products, as well as Textiles, Leather Products and Footwear, which remained in an expansionary phase," the central bank stated.
Respondents predicted manufacturing industry improvements to persist in the second quarter of 2021, thus remaining in expansionary territory with a reading of 55.25%, driven by all components, particularly production volume, order volume and inventory.
In addition, respondents expected all subsectors to expand, especially Paper and Printing, Food, Beverages and Tobacco, as well as Fertilizers, Chemicals and Rubber Products, driven by a seasonal spike in demand during the holy fasting month of Ramadan and Eid-ul-Fitr.
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