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National Bureau of Statistics: Manufacturing PMI maintained expansion in April, manufacturing continued to resume development
Release time:
2024-04-30
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On April 30, 2024, the Service Industry Survey Center of the National Bureau of Statistics and the China Federation of Logistics and Purchasing released the China Purchasing Managers Index. In this regard, Zhao Qinghe, a senior statistician at the Service Industry Survey Center of the National Bureau of Statistics, interpreted it. In April, the manufacturing purchasing managers' index, the non-manufacturing business activity index and the composite PMI output index were 50.4 per cent, 51.2 per cent and 51.7 per cent, respectively, down 0.4, 1.8 and 1.0 percentage points from the previous month, and the three major indexes continued to expand in the expansion range, and the overall level of China's economic prosperity continued to expand.
China's Purchasing Managers Index Maintaining Expansion in April
-- Zhao Qinghe, senior statistician of the Service Industry Survey Center of the National Bureau of Statistics, interprets the China Purchasing Managers Index in April 2024.
On April 30, 2024, the Service Industry Survey Center of the National Bureau of Statistics and the China Federation of Logistics and Purchasing released the China Purchasing Managers Index. In this regard, Zhao Qinghe, a senior statistician at the Service Industry Survey Center of the National Bureau of Statistics, interpreted it.
In April, the manufacturing purchasing managers' index, the non-manufacturing business activity index and the composite PMI output index were 50.4 per cent, 51.2 per cent and 51.7 per cent, respectively, down 0.4, 1.8 and 1.0 percentage points from the previous month, and the three major indexes continued to expand in the expansion range, and the overall level of China's economic prosperity continued to expand.
1. Manufacturing Purchasing Managers Index Expanded for Two Consecutive Months
In April, the manufacturing PMI was 50.4, which was in the expansion range for two consecutive months, and the manufacturing industry continued to maintain its recovery trend.
Production of (I) enterprises continued to accelerate. The production index was 52.9 per cent, up 0.7 percentage points from the previous month and the highest since April 2023, as manufacturing companies accelerated their production expansion. From the industry point of view, chemical fiber and rubber plastic products, railway ship aerospace equipment, computer communication electronic equipment and other industries production index are located in more than 55.0 percent of the high business climate range, enterprise production capacity release faster.
(II) market demand to maintain expansion. The new orders index was 51.1, down 1.9 percentage points from the previous month, still in the expansion range, and the manufacturing market demand continued to recover. From the perspective of external demand, the index of new export orders was 50.6, down 0.7 percentage points from the previous month, and continued to expand, indicating that the overall export business of enterprises continued to improve. From an industry perspective, the new order index and new export order index for food and alcoholic beverage refined tea, chemical fiber and rubber and plastic products, automobiles, electrical machinery and equipment industries are all above 53.0, and the domestic and foreign market demand for related industries has increased.
The PMI of enterprises of all sizes in (III) is higher than the critical point. The PMI of large enterprises was 50.3 per cent, down 0.8 percentage points from the previous month, and remained in the expansion range, with large enterprises continuing to operate smoothly; the PMI of medium-sized enterprises was 50.7 per cent, up 0.1 percentage points from the previous month; and the PMI of small enterprises was 50.3 per cent, unchanged from the previous month. At the same time, the production index and new orders index of enterprises of all sizes were in the expansion range for two consecutive months, and production and demand continued to be released.
(IV) new kinetic energy continues to expand rapidly. Equipment manufacturing and high-tech manufacturing PMI were 51.3 and 53.0, respectively, down 0.3 and 0.9 percentage points from the previous month, continued to be in the expansion range, and are higher than the overall manufacturing industry, high-end manufacturing industry to maintain rapid development. The consumer goods industry PMI was 50.5, down 1.3 percentage points from the previous month, and continued to expand.
(V) market expectations are generally stable. The expected index of production and operation activities was 55.2, down 0.4 percentage points from the previous month, and continued to be in a relatively high boom range, indicating that the confidence of manufacturing enterprises in the recent market development is generally stable. From the perspective of the industry, the expected index of production and operation activities of food and beverage refined tea, railway, ship, aerospace equipment, electrical machinery and equipment and other industries has been in the high boom range of more than 59.0 for two consecutive months, and enterprises are more optimistic about the development of the industry.
Although the manufacturing PMI continued to be in the expansion range this month, the survey results showed that the proportion of companies reflecting high raw material costs accounted for 46.0, an increase of 4.2 percentage points from the previous month. At the same time, the purchase price index of major raw materials rose to 54.0. Cost pressure on enterprises has increased.
2. non-manufacturing business activity index continues to expand
In April, the non-manufacturing business activity index was 51.2, down 1.8 percentage points from the previous month, still above the threshold, and the non-manufacturing sector continued to expand.
The level of the (I) service industry has fallen. The index of business activity in the service sector was 50.3 per cent, down 2.1 percentage points from the previous month, with expansion in the service sector slowing. From an industry perspective, the production and operation of most industries continued to recover. Among the 21 industries surveyed, the business activity index was higher than the critical point, an increase of 3 from the previous month, and the service industry's prosperity has expanded. Among them, the business activity index of railway transportation, road transportation, postal services, telecommunications, radio and television, and satellite transmission services is located in the relatively high boom range of more than 55.0, and the total business volume has grown rapidly. At the same time, the capital market services, real estate and other industries business activity index low operation, the level of business climate is weak. From the perspective of market expectations, the business activity expectation index is 57.4, which continues to remain in a relatively high boom range. Service industry companies continue to be optimistic about market development prospects.
Construction expansion accelerated slightly in (II). With the acceleration of infrastructure construction, the business activity index of the construction industry rose 0.1 percentage points from the previous month to 56.3 per cent, continuing to be in the higher boom range. Among them, the business activity index of the civil engineering construction industry was 63.7, an increase of 3.9 percentage points from the previous month, rising to a high boom range, and the construction progress of enterprises has accelerated. In terms of market expectations, the business activity expectation index is 56.1 per cent, which continues to be in the higher boom range, indicating that construction companies are generally optimistic about industry development expectations.
The 3. composite PMI output index is in the expansion range.
In April, the comprehensive PMI output index was 51.7, down 1.0 percentage points from the previous month, indicating that the expansion of production and operation activities of Chinese enterprises has slowed down. The manufacturing production index and the non-manufacturing business activity index, which make up the composite PMI output index, were 52.9 per cent and 51.2 per cent, respectively.
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