w
Author: kltrader | Publish date: Fri, 12 Sep 09:57
Manufacturing sales growth continued to slide in July 2014 mirroring recently released weaker export trends.
High base, festive holiday season and stronger MYR may have had negative effect on manufacturing sales growth as it was only half the growth in production index.
Productivity or average sales per employee rose by +2.8% MoM or +0.1% YoY (YTD 2014: 6.3%).
Manufacturing sales growth in July 2014 slid for sixth straight month to come in at +1.4% YoY (Jun 2014 +3.8% YoY). From the previous month, sales chalked up gains of +2.7% YoY (Jun 2014: +0.5% MoM). For the first seven months of 2014, growth was measured at +7.7% YoY (YTD–Jul 2013: -2.9% YoY).
By cluster, the weaker sales performance came from declines in Petroleum, Chemical, Rubber & Plastic Products and compounded by some E&E clusters. Sales of Refined Petroleum Products was the main cause for concern as it reported back to back contractions (Jul 2014: -5.6% YoY; Jun 2014: -3.1% YoY) to generate lower revenue of MYR 11.9b. This compared to MYR 13.8b reported in the first month of 2014. The other main culprit which led to weaker headline sales growth originating from the E&E cluster as Communication Equipment fell by -17.9% YoY (Jun 2014: -12.0 % YoY).
MYR appreciation continued to impact exporters’ sales value. Our calculations showed export-oriented industries accounted for 62% of overall sales growth, down from 68% a month earlier. The USD/MYR which has strengthened to 3.18 in July 2014 was up by +0.3% YoY. The ringgit further gained strength in Aug 2014 as it climbed by +3.2% YoY which could result in further translation losses in the upcoming release.
Payrolls however continued to boost healthy growth of +7.0% YoY (Jun 2014: +6.9% YoY) as total industry payout for the month totaled MYR 2.87b. The most lucrative industries pay average per employee came from the Oil & Gas sector with particular reference to Refined Petroleum Products (Jul 2014: MYR 13,374) followed by Liquefied/Compressed Inorganic (Jul 2014: MYR 9,673) and Organic Chemicals & Inorganic Compounds excl. Fertilizer (Jul 2014: MYR 7,875). Overall payroll growth in the meantime was highest in the Diode, Transistor & Electronic Integrated Circuit Mic. sub-division whereby it gained by +15.7% YoY (Jun 2014: +12.1% YoY) even as divisions sales trended down to +9.5% YoY in Jul 2014 (Jun 2014: +24.3% YoY) from a high of +87.4% YoY in Jan 2014. Malaysia’s’ total manufacturing employment growth in July 2014 was up by +1.3% YoY.
Source: Maybank Research - 12 Sep 2014
High base, festive holiday season and stronger MYR may have had negative effect on manufacturing sales growth as it was only half the growth in production index.
Productivity or average sales per employee rose by +2.8% MoM or +0.1% YoY (YTD 2014: 6.3%).
Manufacturing sales growth in July 2014 slid for sixth straight month to come in at +1.4% YoY (Jun 2014 +3.8% YoY). From the previous month, sales chalked up gains of +2.7% YoY (Jun 2014: +0.5% MoM). For the first seven months of 2014, growth was measured at +7.7% YoY (YTD–Jul 2013: -2.9% YoY).
By cluster, the weaker sales performance came from declines in Petroleum, Chemical, Rubber & Plastic Products and compounded by some E&E clusters. Sales of Refined Petroleum Products was the main cause for concern as it reported back to back contractions (Jul 2014: -5.6% YoY; Jun 2014: -3.1% YoY) to generate lower revenue of MYR 11.9b. This compared to MYR 13.8b reported in the first month of 2014. The other main culprit which led to weaker headline sales growth originating from the E&E cluster as Communication Equipment fell by -17.9% YoY (Jun 2014: -12.0 % YoY).
MYR appreciation continued to impact exporters’ sales value. Our calculations showed export-oriented industries accounted for 62% of overall sales growth, down from 68% a month earlier. The USD/MYR which has strengthened to 3.18 in July 2014 was up by +0.3% YoY. The ringgit further gained strength in Aug 2014 as it climbed by +3.2% YoY which could result in further translation losses in the upcoming release.
Payrolls however continued to boost healthy growth of +7.0% YoY (Jun 2014: +6.9% YoY) as total industry payout for the month totaled MYR 2.87b. The most lucrative industries pay average per employee came from the Oil & Gas sector with particular reference to Refined Petroleum Products (Jul 2014: MYR 13,374) followed by Liquefied/Compressed Inorganic (Jul 2014: MYR 9,673) and Organic Chemicals & Inorganic Compounds excl. Fertilizer (Jul 2014: MYR 7,875). Overall payroll growth in the meantime was highest in the Diode, Transistor & Electronic Integrated Circuit Mic. sub-division whereby it gained by +15.7% YoY (Jun 2014: +12.1% YoY) even as divisions sales trended down to +9.5% YoY in Jul 2014 (Jun 2014: +24.3% YoY) from a high of +87.4% YoY in Jan 2014. Malaysia’s’ total manufacturing employment growth in July 2014 was up by +1.3% YoY.
Source: Maybank Research - 12 Sep 2014
没有评论:
发表评论