China’s Manufacturing PMI for August Stands at 49.1%, High-Tech Manufacturing Returns to Expansion Zone
Release time:
2024-08-31
China’s August Manufacturing PMI at 49.1%, High-Tech Manufacturing Returns to Expansion Zone
Beijing, Aug. 31 (CNS) – China’s National Bureau of Statistics (NBS) announced on August 31 that the Manufacturing Purchasing Managers’ Index (PMI) for August stood at 49.1%, down 0.3 percentage points from the previous month. This decline was attributed to factors such as high temperatures, heavy rainfall, and seasonal production slowdowns in certain industries. Among key sectors, high-tech manufacturing and equipment manufacturing returned to the expansion zone.
China’s manufacturing output and demand softened in August. Zhao Qinghe, Senior Statistician at the NBS Service Industry Survey Center, noted that the production index and new orders index for the month were 49.8% and 48.9%, respectively, down 0.3 and 0.4 percentage points from July.
For key industries, the PMI for high-tech manufacturing and equipment manufacturing reached 51.7% and 51.2%, respectively, rising by 2.3 and 1.7 percentage points from the previous month, signaling a return to expansion. The PMI for consumer goods stood at 50.0%, at the threshold, while the PMI for high-energy-consuming industries fell to 46.4%, a decrease of 2.2 percentage points from July. Zhao remarked that the weak performance and significant decline in high-energy-consuming industries were among the main reasons for the overall decline in manufacturing PMI this month.
Price indices also continued to decline. Affected by insufficient demand and price fluctuations of commodities like crude oil, coal, and iron ore, the purchasing price index for major raw materials and the ex-factory price index fell to 43.2% and 42.0%, respectively, down 6.7 and 4.3 percentage points from the previous month.
By enterprise type, the PMI for large enterprises in August was 50.4%, a slight decrease of 0.1 percentage points from the previous month, remaining above the threshold throughout the year. However, the PMI for medium-sized and small enterprises dropped to 48.7% and 46.4%, down 0.7 and 0.3 percentage points, respectively, indicating increased production and operational pressures.
Additionally, data released on the same day showed that China’s Composite PMI Output Index for August stood at 50.1%, down slightly by 0.1 percentage points from the previous month, remaining in the expansion zone. Zhao noted that this indicates a slight overall expansion in production and business activities among Chinese enterprises. The manufacturing production index and non-manufacturing business activity index, which make up the Composite PMI Output Index, were 49.8% and 50.3%, respectively.
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