Industrial production likely down from a solid 6.6% in May

IP index for June due today is likely to only report a 3.0% YoY expansion, says DBS.

According to DBS, although this is down from a solid 6.6% expansion in May, the advance GDP estimates for the second quarter suggest that industrial production for June is expected to register 2.6%. That is, DBS expecting a modest upside surprise to that the IP figure. Reason being the most recent June non-oil domestic export numbers came in stronger than expected, it said.

Here's more from DBS:

Export sales rose 6.8% YoY and 6.7% MoM. That’s a solid figure considering the sluggish global
demand. And it’s none other than pharmaceutical exports that provided the main boost.

Pharmaceutical product sales surged 24% YoY in the month. Likewise, we can look towards the biomedical segment to deliver much needed impetus to the overall industrial production growth for the month.

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