While the latest manufacturing and mining statistics for October 2024, released today (10 Oct), indicate that overall there has been a slight improvement compared to October 2023, certain sectors such as automotive manufacturing, and Iron ore production are facing serious headwinds.
Manufacturing production increased by 0,8% in October 2024 while Mining production increased by 1,4% year-on-year in October 2024 compared with October 2024.
Manufacturing Contributors for October 2024
The largest positive contributions to growth in manufacturing were in the following sector categories:
- Petroleum, chemical products, rubber and plastic products were up 4,5%
- Food and beverages manufacturing was up by 2,9%
- Basic iron and steel, non-ferrous metal products, metal products and machinery manufacturing, also up by 2,7%
On the downside however, motor vehicles, parts and accessories and other transport equipment manufacturing was down severely again by -16,6%.
Seasonally adjusted average manufacturing production, showed an overall positive after two consecutive months of contraction and increased by 0,4% in October 2024 compared with September 2024. This followed month-on-month changes of -0,2% in September 2024 and -0,9% in August 2024.
Manufacturing Sales for October 2024
Seasonally adjusted manufacturing sales increased by 2,3% in October 2024 compared with September 2024. This followed month-on-month changes of -1,1% in September 2024 and -2,6% in August 2024.
Seasonally adjusted manufacturing sales decreased by 1,2% in the three months ended October 2024 compared with the previous three months. The largest negative contribution was made by the motor vehicles, parts and accessories and other transport equipment division (-8,0% and contributing -1,3 percentage points).
Mining Contributors for October 2024
The largest positive contributors to growth in the mining sector were:
- PGMs with a 3,3% growth
- Chromium ore was up by a significant 14,0%
- Diamonds with a large 27,9% increase in production
- Coal output increasing by 1,8%
On the down side, Iron ore output decreased by -6,4% and gold output was down by -3,4%.
Seasonally adjusted mining production decreased by -3,0% in October 2024 compared with September 2024. This reversed the previous two months’ of growth in month-on-month changes of 4,5% in September 2024 and 3,3% in August 2024.
Seasonally adjusted mining production increased by 4,0% in the three months ended October 2024 compared with the previous three months. The largest positive contributors were:
Mineral Sales for October 2024
Mineral sales at current prices increased by 1,6% year-on-year in October 2024. The largest positive contributors were:
- Coal up 10,3%
- Gold up 4,1%
- Other metallic minerals up 28,9%
- Chromium ore up by 7,4%
- other non-metallic minerals up 11,2%
The largest negative contributor was iron ore at a -30,0% in sales.
Seasonally adjusted mineral sales at current prices increased by 3,7% in October 2024 compared with September 2024. This followed month-on-month changes of 16,7% in September 2024 and -21,7% in August 2024.
Seasonally adjusted mineral sales at current prices decreased by 7,2% in the three months ended October 2024 compared with the previous three months.
