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PMI Monthly (April 2018)

China’s manufacturing PMI came in at 51.4 in April, down slightly from 51.5 in March. The April reading indicates that the manufacturing sector in China has expanded at a relatively stable pace recently.

9 of the 13 sub-indices were lower than their respective levels in the previous month, while 3 sub-indices were higher than their respective levels in the previous month. The new orders and the new export orders indices dropped by 0.4 pts and 0.6 pts respectively in April, showing a recent moderation in the growth of new orders and new export orders.[1] Meanwhile, the output index came in at 53.1 in April, the same as in March, indicating that the output has maintained stable growth lately. Also noteworthy is that, for the first time in three months, the ex-factory prices index went up above the critical 50-mark, registering 50.2 in April. The latest reading shows a rise in ex-factory prices of finished goods.

By size of enterprises, the PMI of ‘large enterprises’ came in at 52.0 in April, down from 52.4 in March. The PMI of ‘medium enterprises’ rose to 50.7 in April from 50.4 in March, while the PMI of ‘small enterprises’ went up to 50.3 in April from 50.1 in March.

The output index was 53.1 in April, the same as in March. The output index of ‘large enterprises’ went down slightly to 54.1 in April from 54.2 in March; the output index of ‘medium enterprises’ was 52.1 in April, up from 52.0 in March; the output index of ‘small enterprises’ rose to 51.4 in April from 50.6 in March.

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[1] The ‘new orders index’ covers both domestic and export orders. That is to say, the manufacturers are not asked to differentiate between domestic and export orders when filling in questionnaires.

Content provided by Fung Business Intelligence
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