Jakarta: The latest Prompt Manufacturing Index-Bank Indonesia (PMI-BI) reading moved deeper into an expansionary phase (>50) in the second quarter of 2022 at 53.61% from 51.77% in the first quarter of 2022.
All components contributed to the improvement, led by Production Volume, Order Volume and Inventory.
Furthermore, most manufacturing subsectors posted gains in the reporting period, with the highest index readings recorded for Textiles, Leather Products and Footwear (56.05%), Food, Beverages and Tobacco (54.60%) as well as Basic Iron and Steel (53.47%).
"The current PMI-BI trend is consistent with the latest Manufacturing Industry findings contained in the Business Survey (SKDU) published by Bank Indonesia, where the corresponding weighted net balance (WNB) improved to 2.19%," BI Communication Department Head Erwin Haryono said in a press release on Thursday.
Survey respondents anticipate the Manufacturing Industry gains to persist in the third quarter of 2022, with all components edging the PMI-BI up to 54.02%, particularly Production Volume, Order Volume and Labour, which are predicted in expansionary territory.
Respondents also expect most subsectors to continue gaining momentum, especially Cement and Non-Metallic Mineral Products (54.71%), Transportation Equipment, Machinery and Apparatus (54.06%) as well as Basic Iron and Steel.
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