Manufacturing PMI Remains Stable, Non-Manufacturing Business Activity Index Continues Expansion

National Bureau of Statistics Service Industry Survey Center

Senior Statistician Zhao Qinghe interprets the Purchasing Managers' Index of China for June 2024.

On June 30, 2024, the National Bureau of Statistics Service Industry Survey Center and the China Federation of Logistics and Purchasing released the Purchasing Managers' Index of China. Senior Statistician Zhao Qinghe from the National Bureau of Statistics Service Industry Survey Center provided an interpretation. In June, the manufacturing PMI was 49.5%, unchanged from the previous month; the non-manufacturing business activity index and the comprehensive PMI output index were both 50.5%, respectively 0.6 and 0.5 percentage points lower than the previous month. From the perspective of output, the overall economy of our country continues to expand, but the foundation for continuous recovery and improvement still needs to be consolidated.

I. The Manufacturing PMI Remains Stable

Production Expansion Continues: The production index was 50.6%, a slight decrease of 0.2 percentage points from the previous month, still above the critical point, indicating that manufacturing production continues to expand. The production index in industries such as metal products, railway, ship, aviation, aerospace equipment, and others was above 55.0%, showing rapid growth in these sectors.

New Orders Index Remains Flat: The new orders index was 49.5%, a slight decrease of 0.1 percentage points from the previous month, reflecting insufficient market demand in manufacturing. Industries such as papermaking, printing, and cultural, educational, sports, and entertainment products, as well as railway, ship, aviation, aerospace equipment, and computer, communication, and electronic equipment, all had new orders indexes above 53.0%, indicating faster market demand release.

Price Index Declines: Influenced by the recent decline in some bulk commodity prices and insufficient market demand, the main raw material purchase price index and the factory price index were 51.7% and 47.9%, respectively, decreasing by 5.2 and 2.5 percentage points from the previous month.

New Momentum Continues to Grow: The PMI of high-tech manufacturing was 52.3%, an increase of 1.6 percentage points from the previous month, and has been in the expansion range for eight consecutive months. The PMI of equipment manufacturing was 51.0%, an increase of 0.3 percentage points from the previous month, and has been expanding for four consecutive months, indicating the continuous advancement of the transformation and upgrading of China's manufacturing industry.

Enterprise Expectations Remain Stable: The production and operation expectations index was 54.4%, an increase of 0.1 percentage point from the previous month, indicating stable market development expectations among manufacturing enterprises.

II. Non-Manufacturing Business Activity Index Continues Expansion

Service Industry Slight Dip: The business activity index for the service industry was 50.2%, a slight decrease of 0.3 percentage points from the previous month, indicating a slight dip in the service industry's prosperity level.

Construction Industry Expansion Slows: Affected by continuous heavy rainfall in many parts of the south, the construction industry's business activity index was 52.3%, a decrease of 2.1 percentage points from the previous month.

III. Comprehensive PMI Output Index Expansion Slows

The comprehensive PMI output index was 50.5%, a decrease of 0.5 percentage points from the previous month, still above the critical point, indicating that the overall business production and operation activities of enterprises in our country continue to expand, but the pace of expansion has slowed.

Amerric Energy (CHINA) Co., Ltd. focuses on the import and export business of automobiles and auto parts, serving as a comprehensive auto service platform that provides services around the entire auto industry chain. We cover overseas trade, auto finance, car leasing, overseas import and export business, logistics, and transportation business. Utilizing a new model, we aim to build a comprehensive service provider integrating customers, capital, and vehicles both domestically and internationally.

Our advantages include:

• Overseas capital allocation
• Overseas warehouse in Dubai, after-sales center in Sharjah, providing consignment, after-sales, and extended warranty services
• After-sales service, customs clearance, pick-up, storage, logistics, and vehicle consignment services in Bishkek, Moscow, St. Petersburg, and other locations
• High-quality used car resources
• Special new car resources

Contact Information:

Website: www.auto-ae.com

Email: ae@americenergy.com

Phone: 13521210668

whatsapp: 13521210668

Address: No.298 Fengwei Road, Xishan Development Zone, Wuxi City, Jiangsu Province, China