3 July 2018
PMI Report on China Manufacturing (June 2018)
China’s manufacturing PMI dropped to 51.5 in June from 51.9 in May, indicating a moderation in the growth of the manufacturing sector in China.
9 of the 13 sub-indices were lower than their respective levels in the previous month. The new orders and the new export orders indices fell by 0.6 pts and 1.4 pts respectively in June, showing that both the domestic and the export demand weakened in the month. Meanwhile, the output index dropped to 53.6 in June from 54.1 in May, indicating that the output growth has decelerated lately. In contrast, the input prices index gained 1.0 pt in June, showing a faster rise in prices of production inputs in the month.
By size of enterprises, the PMI of ‘large enterprises’ came in at 52.9 in June, down from 53.1 in May. The PMI of ‘medium enterprises’ fell to 49.9 in June from 51.0 in May, while the PMI of ‘small enterprises’ went up to 49.8 in June from 49.6 in May.
The output index was 53.6 in June, down from 54.1 in May. The output index of ‘large enterprises’ fell to 55.8 in June from 56.4 in May; the output index of ‘medium enterprises’ was 51.5 in June, down from 52.2 in May; the output index of ‘small enterprises’ rose to 50.0 in June from 49.6 in May.
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 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.