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PMI Report on China Manufacturing (July 2018)

China’s manufacturing PMI dropped slightly to 51.2 in July from 51.5 in June, indicating that the growth of the manufacturing sector has further moderated recently amid the escalating trade tensions between China and the US.

8 of the 13 sub-indices were lower than their respective levels in the previous month, while 4 sub-indices were higher than their respective levels in the previous month. The new orders index fell by 0.9 pts, while the new export orders index stayed stable in July [1]. This indicates that the growth of new domestic orders has decelerated lately. Meanwhile, the output index dropped to 53.0 in July from 53.6 in June, showing a moderation in the output growth. In addition, the input prices and the ex-factory prices indices fell by 3.4 pts and 2.8 pts respectively in July, indicating a slower 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’ fell 52.4 in July from 52.9 in June. The PMI of ‘medium enterprises’ came in at 49.9 in July, the same as in June. Meanwhile the PMI of ‘small enterprises’ went down to 49.3 in July from 49.8 in June.

The output index was 53.0 in July, down from 53.6 in June. The output index of ‘large enterprises’ fell to 54.5 in July from 55.8 in June; the output index of ‘medium enterprises’ was 51.6 in July, up slightly from 51.5 in June; the output index of ‘small enterprises’ rose to 50.6 in July from 50.0 in June.

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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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