China's Jun manufacturing PMI bounces to 3-mth high: official data

sxcoal.com General 2020-06-30 10:25:42

China's manufacturing Purchasing Manager's Index (PMI) rose to 50.9 in June from 50.6 in May, the first rebound in three months, as China's manufacturing import and export bounced back significantly as major global economies restarted their economies.


The figure, above the 50-point mark that separates growth from contraction, indicated China's industrial and economic activities continued to recover.


Before the NBS released the data, domestic analysts had predicted it to slow to 50.2.


Zhao Qinghe, senior statistician of the Service Industry Survey Center of the NBS, explained there are four factors contributing to the recovery of PMI, including continued recovery of both ends of supply and demand, increased price indexes, improved import and export indexes, and sound optimism of enterprises.


From the perspective of imports and exports, the index of new export orders was 42.6, which was 7.3 points higher than that of last month. Paper manufacturing, petroleum processing, general equipment, electrical machinery among seven industries rebounded by more than 10.0 points. The import index was 47.0, an increase of 1.7 points from the previous month.


Although the index rebounded in June, it should also be noted that uncertainties still exist. Although the import and export indexes have improved for two consecutive months, it is still below 50-point mark; small-sized enterprises are still struggling with operation, mirrored by a decline of 1.9 points in sub-index to 48.9.


The non-manufacturing PMI recorded 54.4 in June, 0.8 point higher than last month, NBS data showed.


(Writing by Alex Guo  Editing by Tammy Yang)
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