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PMI Monthly (May 2018)

China’s manufacturing PMI rose to an eight-month high of 51.9 in May from 51.4 in April, indicating that the manufacturing sector in China has expanded at a relatively fast pace recently.

10 of the 13 sub-indices were higher than their respective levels in the previous month. The new orders and the new export orders indices rose by 0.9 pts and 0.5 pts respectively in May, showing a recent acceleration in the growth of new orders and new export orders.[1] Meanwhile, the output index picked up to 54.1 in May from 53.1 in April, indicating that the output growth has quickened lately. Also noteworthy is that the input prices and the ex-factory prices indices gained 3.7 pts and 3.0 pts respectively in May, showing a strong rise in prices of production inputs and ex-factory prices of finished goods in the month.

By size of enterprises, the PMI of ‘large enterprises’ came in at 53.1 in May, up from 52.0 in April. The PMI of ‘medium enterprises’ rose to 51.0 in May from 50.7 in April, while the PMI of ‘small enterprises’ went down to 49.6 in May from 50.3 in April.

The output index was 54.1 in May, up from 53.1 in April. The output index of ‘large enterprises’ went up to 56.4 in May from 54.1 in April; the output index of ‘medium enterprises’ was 52.2 in May, up slightly from 52.1 in April; the output index of ‘small enterprises’ fell to 49.6 in May from 51.4 in April.

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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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