In April 2023, the Industrial Manufacturing Production Index (IPI manufacturing) showed a rise of 1.7% compared to the same month of 2022. The cumulative figure for the first four-month period of 2023 shows an increase of 2.5% compared to the same period of 2022.
The Industrial Manufacturing Production Index rose for the second consecutive month. In May it expanded 1.7% compared to the same month in 2022. In the accumulated of the first four-month period, the index has an increase of 2.5% compared to the same period of 2022.
Regarding the seasonally adjusted series, it had a positive variation of 1.2% compared to the previous month and the trend-cycle rose 0.6% compared to the previous month.
In April, 8 of the 16 divisions of the manufacturing industry had year-on-year increases. In order of their incidence at the general level: “Basic metal industries”, 36.3%; “Other equipment, apparatus and instruments”, 13.1%; “Oil refining, coke and nuclear fuel”, 11.0%; “Automotive vehicles, bodies, trailers and auto parts”, 4.7%; “Furniture and mattresses, and other manufacturing industries”, 5.1%; “Metal products”, 1.7%; “Textile products”, 1.8%; and “Other transport equipment”, 3.4%.
On the other hand, the divisions of “Food and beverages” showed decreases, 1.7%; “Non-metallic mineral products”, 5.3%; “Machinery and equipment”, 3.5%; “Wood, paper, publishing and printing”, 2.4%; “Clothing, leather and footwear”, 3.5%; “Rubber and plastic products”, 3.0%; “Chemical substances and products”, 0.6%; and “Tobacco products”, 0.3%.
The basic metal industries registered a year-on-year increase of 36.3% in April. The steel industry –which presents the main positive incidence– increased 65.1% year-on-year in that month. According to the Argentine Chamber of Steel, production of hot-rolled and cold-rolled products show increases of 49.1% and 55.7%, respectively, compared to the levels of April last year.
The production of other equipment, apparatus and instruments in April rose year-on-year by 13.1%. The main positive incidence in the month under analysis corresponds to the manufacture of computer, television and communications equipment and devices, and electronic components, which exhibited a year-on-year rise of 23.3%, mainly due to a greater demand for cell phones.
Oil refining, coke and nuclear fuel grew 11% year-on-year in April. The positive incidences are observed in the elaboration of diesel oil, naphthas and other products from petroleum refining, coke and nuclear fuel.
The division of motor vehicles, bodies, trailers and auto parts showed a year-on-year rise of 4.7% in April. The positive incidence corresponds to the production of automotive vehicles, which increased 19.6% year-on-year. According to data from the Association of Automotive Factories (ADEFA), in April 2023 there was a year-on-year rise both in the number of units produced of automobiles (27%) and utility vehicles (21.5%).
Regarding the internal market, Sales to domestic automobile and utility dealers registered 40.7% year-on-year growth in April and they accumulated a year-on-year rise of 38.7% in the first four months of 2023.
The production of metal products registers an interannual growth of 1.7% in Aprilbased on the largest manufacturing of other metal products and metal working services, which presented an interannual growth of 6.1%.
The division corresponding to food and beverages registered a year-on-year decrease of 1.7% in April. The main negative incidence in the month under analysis was observed in the crushing of oilseeds, which showed a year-on-year drop of 24.1%.
Source: Ambito
