Indonesian Manufacturing PMI Is Still In An Expansive Trend

Head of the Fiscal Policy Agency of the Ministry of Finance Febrio Kacaribu. (Photo: Mery Handayani/VOI)

JAKARTA Indonesia's manufacturing activities continue an expansive trend in 31 consecutive months.

In March 2024, the Indonesian Manufacturing Purchasing Managers' Index (PMI) was recorded at the level of 54.2, increasing from February at the level of 52.7.

Head of the Fiscal Policy Agency, Ministry of Finance, Febrio Kacaribu said that the impression of manufacturing performance was driven by the level of domestic demand and the purchase of input goods to spur production activities before Eid al-Fitr.

"Overall, sentiment in the Indonesian manufacturing sector in March 2024 remains positive amid hopes for stronger market conditions and better price stability," he said in his official statement, quoted on Tuesday, April 2, 2024.

Several Indonesian trading partner countries also recorded expansive manufacturing performances, including India (59.2) and America (52.5).

Meanwhile, manufacturing PMIs in neighboring countries are still experiencing contractions such as Malaysia (48.4), Thailand (49.1), and Vietnam (49.9).

Febrio said that when compared to several neighboring countries such as Malaysia, Thailand, and Vietnam, which experienced contraction, Indonesia's still expansionary manufacturing performance showed national economic resilience amid increasing global risks.

"We will continue to maintain this achievement through various policy supports to maintain economic stability and anticipate global risks," he said.