How did manufacturing sector performance change from December 2023 to January 2024?

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Manufacturing Sector Rebounds with Strong Growth in January 2024

The manufacturing sector experienced a significant turnaround in January 2024, shifting from a contraction of 1.4 per cent in December 2023 to a robust expansion of 3.7 per cent. This positive performance was a key driver for the overall Industrial Production Index (IPI), which rebounded to 4.3 per cent year-on-year in January 2024.
Domestic-Oriented Industries Show Marked Improvement

Domestic-oriented industries within the manufacturing sector demonstrated a substantial increase in activity, growing by 8.0 per cent in January 2024, a notable rise from the 4.2 per cent recorded in the previous month. This segment's performance was particularly boosted by specific sub-sectors.
Export-Oriented Industries Return to Positive Growth

After facing a challenging period with seven consecutive months of contraction, export-oriented industries managed to return to positive territory, registering a growth of 1.6 per cent in January 2024. This marked a significant recovery from the -4.1 per cent recorded in December 2023.
Key Manufacturing Sub-Sectors Drive Expansion

Several manufacturing sub-sectors contributed significantly to the overall positive trend. The manufacture of motor vehicles, trailers and semi-trailers saw a substantial increase of 12.1 per cent in January 2024. Following closely, the manufacture of fabricated metal products except machinery and equipment grew by 11.9 per cent. Additionally, the manufacture of food processing products also exhibited strong performance, with an 8.5 per cent growth rate during the same period.

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How did manufacturing sector performance change from December 2023 to January 2024?

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