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China PMI April 2023

China: Manufacturing and non-manufacturing PMIs ease in April

The National Bureau of Statistics’ Manufacturing Purchasing Managers’ Index (PMI) fell to 49.2 in April from March’s 51.9. As such, the index dropped below the 50.0 no-change mark, signaling a deterioration in manufacturing sector operating conditions from the previous month. Deteriorations in the new orders, new exports and output subindices drove the reading. PMI data from Caixin, which covers smaller, export-oriented firms in coastal regions, painted a similar picture of easing momentum in the manufacturing sector.

The National Bureau of Statistics’ non-Manufacturing PMI clocked in at 56.4 in April, down from March’s 58.2, on decelerations in both construction and services.

Giving their take on the latest data, Nomura analysts said:

“The April PMI readings suggest post-pandemic pent-up demand, especially in the manufacturing sector, may have come to an end, while the normalization of in-person services sectors may continue to backstop the economy in Q2, evidenced by the travel spree during the ongoing Labor Day holiday. Looking to May, the official manufacturing PMI is likely to remain weak and stay below 50, while the non-manufacturing PMI should remain in the expansion zone.”

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