Industrial Production Continues to Grow in April
According to a report released by the General Statistics Office on the morning of April 29, industrial production continued its positive growth trend in April. The Industrial Production Index (IIP) for the month is estimated to have increased by 0.8% compared to the previous month and by 6.3% year-over-year. For the first four months of 2024, the IIP grew by 6.0% compared to the same period last year.
Industrial production index in the first four months of 2024 grew by 6% compared to the same period last year.
The IIP for April 2024 is estimated to have increased by 0.8% compared to the previous month and by 6.3% year-over-year. Among the major industries, manufacturing and processing increased by 7.0% year-over-year; electricity production and distribution increased by 11.3%; water supply, waste and wastewater management increased by 6.6%; while mining decreased by 6.8%.
For the first four months of 2024, the IIP is estimated to have increased by 6.0% compared to the same period last year (in the same period of 2023, it decreased by 2.5%). Among the major industries, manufacturing and processing increased by 6.3% (in the same period of 2023, it decreased by 2.9%), contributing 5.5 percentage points to the overall growth; electricity production and distribution increased by 12.3% (in the same period of 2023, it decreased by 0.2%), contributing 1.1 percentage points; water supply, waste and wastewater management increased by 5.3% (in the same period of 2023, it increased by 6.2%), contributing 0.1 percentage points; mining decreased by 4.6% (in the same period of 2023, it decreased by 3.7%), decreasing 0.7 percentage points.
It is worth noting that the IIP of a number of key industries at level II increased in the first four months of 2024 compared to the same period last year: Production of rubber and plastic products increased by 27.5%; production of electrical equipment increased by 24.7%; production of chemicals and chemical products increased by 24.3%; production of furniture increased by 17.3%; mining of metal ores increased by 16.9%; textiles increased by 14.5%; printing and copying increased by 13.6%; metal production increased by 13.0%; production and distribution of electricity, gas, hot water, steam and air conditioning increased by 12.3%; production of tobacco products increased by 9.1%; production of paper and paper products increased by 9.0%; production of electronic, computer and optical products increased by 2.7%.
On the other hand, the IIP of some industries decreased: Repair, maintenance and installation of machinery and equipment decreased by 15.4%; extraction of crude oil and natural gas decreased by 9.6%; production of other transportation vehicles decreased by 5.1%; production of other non-metallic mineral products decreased by 2.5%; extraction of hard coal and lignite decreased by 1.2%.
The IIP for the first four months of 2024 increased in 54 localities and decreased in 9 localities nationwide. Some localities have achieved a high IIP growth rate due to the increase in manufacturing and processing industry and electricity production and distribution.
On the other hand, some localities have low or negative IIP growth due to low or negative growth in manufacturing and processing industry, mining, and electricity production and distribution.
Some key industrial products increased in the first four months compared to the same period last year: Steel bars and angles increased by 35.7%; fabrics from natural fibers increased by 25.1%; urea fertilizer increased by 23.0%; rolled steel increased by 16.9%; N.P.K compound fertilizer increased by 15.7%; chemical paint increased by 13.9%; milk powder increased by 11.8%; electricity production increased by 11.4%. On the other hand, some products decreased compared to the same period last year: Liquefied gas decreased by 20.4%; natural gas in gaseous form decreased by 14.8%; televisions decreased by 11.1%; iron and crude steel decreased by 7.9%; mobile phone components decreased by 7.2%; cars decreased by 6.6%; motorbikes decreased by 4.5%; crude oil extraction decreased by 3.6%; mobile phones decreased by 2.8%; beer decreased by 2.5%; clean coal decreased by 1.2%; aquaculture feed decreased by 0.8%.
Labor Force in Industrial Enterprises Increases
The number of employees in industrial enterprises as of April 1, 2024 increased by 1.2% compared to the same period last month and by 3.4% compared to the same period last year.
Of which, the corresponding rate of non-state enterprises increased by 0.7% and 0.2%; enterprises with foreign direct investment increased by 1.5% and 5.0%; while state-owned enterprises remained unchanged and decreased by 1.2%. By sector, the number of employees in the mining industry decreased by 0.1% compared to the same period last month and increased by 0.5% compared to the same period last year; the corresponding rate of the manufacturing and processing industry increased by 1.3% and increased by 3.6%; electricity, gas, hot water, steam and air conditioning production and distribution increased by 0.1% and increased by 0.6%; water supply, and waste and wastewater management decreased by 0.2% and increased by 0.1%.
