KIET Manufacturing Business Survey Index (BSI) for the 1st Quarter 2023

The first quarter (Q1) 2023 manufacturing overall composite index remains below the baseline (100), indicating that conditions remain unfavorable. In addition, indexes for all indicators dropped significantly from the previous quarter. Business conditions (77), sales (75), domestic demand (78), exports (81), ordinary profit (79), and financial conditions (79) in the manufacturing sector all posted decreases, while inventory (101) remained above the baseline. The BSI outlook for Q2, however, indicates that manufacturers expect the business environment to be more favorable compared to the first quarter. Most indices for the manufacturing sector are project to increase compared to Q1, while all feeder indices are expected to remain below the baseline; only inventory (100) and employment (100) are projected to maintain baseline levels over the next quarter