The National Statistics Office (NSO) reported on December 6 that nationwide industrial production continued its upward trajectory in November, as enterprises boosted output to build inventories ahead of increasing domestic consumption and export demand towards the year-end period.

Accordingly, the index of industrial production (IIP) for November was estimated to have risen by 2.3 per cent against October and by 10.8 per cent on-year.

Manufacturing and processing led the expansion, rising 11.8 per cent year-on-year, followed by mining at 7 per cent, water supply, sewerage and waste management at 6.5 per cent, and electricity generation and distribution at 5.8 per cent.

For the January–November period, the IIP is estimated to have risen 9.3 per cent on-year. Manufacturing and processing led the growth, up 10.6 per cent and contributing 8.5 percentage points (ppts) to overall expansion. Water supply, sewerage and waste management climbed 8.4 per cent (0.1 ppts), electricity generation and distribution rose 6.5 per cent (0.6 ppts), while mining edged up 0.9 per cent, adding 0.1 ppts.

Several major industries posted on-year growth during the 11-month period, such as production of motor vehicles up 22 per cent; manufacture of other non-metallic mineral products up 16.5 per cent; rubber and plastic products up 16.4 per cent; basic metals up 15.5 per cent; apparel up 13.5 per cent; paper and paper products up 11.6 per cent; leather and related products, and chemicals and chemical products both up 11.2 per cent.

The IIP increased on-year in all 34 provinces and centrally run municipalities. Some localities recorded strong gains thanks to robust performances in manufacturing and processing, and in electricity generation and distribution.

Conversely, a number of localities posted modest increases as their manufacturing, mining, and power production and distribution sectors saw slower growth or contraction.

Several key industrial products saw on-year increases over the same period, including automobiles up 37.4 per cent; televisions up 19 per cent; rolled steel up 18.5 per cent; aquafeed up 14.8 per cent; casual apparel up 14.2 per cent; cement up 14.1 per cent; leather footwear up 12.8 per cent; NPK compound fertiliser up 11.9 per cent; and chemical paints up 10.9 per cent.

According to the NSO report, as of November 1, the workforce at industrial enterprises surged 1 per cent compared to October and up 3.7 per cent on-year.

The NSO also noted that in the first 11 months, the country recorded 275,600 newly established and reactivated enterprises, up 26.1 per cent on-year, averaging 25,100 units per month. Of these, 40,100 units operate in the industrial and construction sector, an increase of 16.6 per cent from a year earlier.

Industry remains one of the economy’s key growth engines. If growth drivers are effectively leveraged and risks well managed, the sector can provide a solid foundation for the country to achieve the GDP growth target of 8 per cent and beyond in 2025.