In the seasonally-adjusted series, the national industrial output fell 1.4% in July 2024 over June. This result followed the advance of 4.3% in June.

In the seasonally-unadjusted series, the overall industry grew 6.1% in July 2024 compared with the same month last year, registering the second consecutive positive rate and the most intense expansion since April 2024 (8.4%). As a result, the industrial sector grew 3.2% in the first seven months of 2024.

The annualized rate, cumulative indicator in the last 12 months, advanced 2.2% in July, maintaining the positive rate and stepping up the growth pace over the June´s (1.5%) and May´s (1.2%) results.

Two out of four broad economic categories and only seven out of 25 industrial sectors surveyed retreated their output. Among the activities, the most important negative influences were registered by food products (-3.8%), coke, petroleum products and biofuels (-3.9%) and mining and quarrying industries (-2.4%). It should also be highlighted the negative influence recorded by the sector of pulp, paper and paper products (-3.2%).

Among 18 activities that rose their output, motor vehicles, trailers and bodies (12.0%) exerted the major impact on the industry average and stepped up the growth pace when compared with the performance obtained in June (4.8%). Other relevant positive contributions to the overall industry came from fabricated metal products (8.4%), miscellaneous manufacturing (18.8%), chemicals (2.7%), leather, traveling goods and footwear (12.1%), machinery and equipment (4.2%), printing and reproduction of recorded media (23.4%), rubber and plastic products (3.5%), other transportation equipment (9.0%), electrical machinery and apparatus (5.1%) and manufacture of wearing apparel and accessories (5.5%).

Among the broad economic categories, still comparing with the immediately previous month, semi, and non-durable consumer goods (-3.1%) recorded the highest negative rate in July 2024, offsetting part of the growth registered in the previous month (4.5%). The sector producing intermediate goods (-0.3%) also reported a drop in the output this month, after advancing 2.3% last June. On the other hand, the sectors of capital goods (2.5%) and durable consumer goods (9.1%) hit positive figures in July 2024 and stepped up the expansions seen in the previous month (0.8% and 5.9%, respectively).

Quarterly moving average changes 0.4% in quarter ending in July

Still in the seasonally-adjusted series, the evolution of the quarterly moving average index for the overall industry changed 0.4% in the quarter ended in July 2024 over the level of the previous month, maintaining the predominantly upward path started in August 2023.

Among the broad economic categories, durable consume goods (2.8%) registered the highest positive rate in July 2024 and stepped up the advance of 1.7% recorded in the previous month. The sectors producing intermediate goods (0.5%), capital goods (0.4%) and semi and non-durable consumer goods also grew their output this month, the first one gaining pace over that reported last June (0.2%), when it interrupted four consecutive months of drops; the second one maintaining the upward path started in December 2023; and the third one reporting the sixth consecutive month of expansion, a period in which it accumulated a gain of 3.1%.

Industry grows 6.1% over July 2023

Compared with the same month last year, the industrial sector expanded 6.1% in July 2024, with positive figures in four out of four broad economic categories, 21 out of 25 sectors, 60 out of 80 groups and 67.3% of the 789 products surveyed. It is worth mentioning that July 2020242 (23 days) had two more business day than the same month in the prior year (21).

Among the activities, the major positive influences were recorded by motor vehicles, trailers and bodies (26.8%) and chemicals (10.5%), leveraged, to a great extent, by the increasing production of items cars, car pieces, tractor trucks for trailers and semi-trailers, vehicles for transportation of goods and trucks, in the former; and of fungicides for agricultural use, dyes and varnishes for construction, disinfectants, herbicides for plants, NPK-based chemical fertilizers, insecticides for agricultural use, linear polyethylene, unsaturated ethylene and polystyrene, in the latter.

It is also worth highlighting the positive contributions registered by the sectors of fabricated metal products (13.9%), computer equipment, electronic and optical products (24.4%), rubber and plastic products (11.6%), machinery and equipment (10.8%), electrical machinery and apparatus (18.0%), furniture (26.9%), basic metals (4.8%), beverages (8.4%), food products (1.3%), miscellaneous manufacturing (19.4%), other transportation equipment (17.7%), manufacture of wearing apparel and accessories (10.9%), leather, traveling goods and footwear (14.3%) and pharmochemicals and pharmaceuticals (7.2%).

Among four activities that reduced the output, that of coke, petroleum products and biofuels (-0.6%) exerted the biggest influence on the industry average, mainly pressed by the reduced production of items diesel fuel, naphtha, liquefied petroleum gas (LPG) and ethyl alcohol.

Among the broad economic categories, durable consumer goods (31.4%) and capital goods (17.3%) reported a two-digit expansion and the most intense in July 2024. The sectors producing semi and non-durable consumer goods (5.5%) and intermediate goods (4.0%) also registered positive figures this month, though with lower advances than that recorded by the industry average (6.1%).

In the cumulative index for January-July 2024 over the same period a year ago, the industrial sector advanced 3.2%, with positive figures in four out of four broad economic categories, 20 out of 25 sectors, 57 out of 80 groups and 58.7% of the 789 products surveyed. Among the activities, the major positive influences on the overall industry were registered by food products (4.2%), motor vehicles, trailers and bodies (8.2%), coke, petroleum products and biofuels (2.3%) and mining and quarrying industries (1.8%).

It should also be highlighted the positive impacts recorded by the sectors of electrical machinery and apparatus (11.1%), computer equipment and electronic and optical products (10.4%), rubber and plastic products (5.0%), pulp, paper and paper products (4,.%), other transportation equipment (12.5%), beverages (4.7%), chemicals (1.7%) and furniture (9.2%).

Among five activities that reduced their output compared with January-July 2023, that of pharmochemicals and pharmaceuticals (-5.1%) exerted the biggest influence on the industry average, pressed, to a great extent, by the reduced production of medicines.

Among the broad economic categories, the results for the first seven months of 2024 was more dynamic for durable consumer goods (8.1%) and capital goods (6.8%), leveraged, to a great extent, by the bigger production of household appliances (24.2%), in the former; and of capital goods for transportation equipment (12.6%), in the latter. The sectors producing semi and non-durable (3.9%) and intermediate goods (2.3%) also recorded positive figures in the cumulative index in the year, with the former advancing more than the industry average (3.2%); and the latter reporting the less intense growth.

Keywords: Produção industrial recua 1, 4% em julho