中国制造业 PMI 月刊 （ 2024 年 4 月 ）

China’smanufacturing PMIfallsto 50.4inApril,indicating a continued yet slowerexpansioninthe manufacturing sector Helen ChinVice PresidentE: helenchin@fung1937.com William KongSenior Research ManagerE:williamkong@fung1937.com Fung Business Intelligence11/F LiFung Tower868 Cheung Sha Wan RoadKowloon, Hong KongT: (852) 2300 2271F: (852) 2635 1598E: fbicgroup@fung1937.comW: http://www.fbicgroup.com 9of the 13sub-indices were lower than their respective levels in the previous month.For example, the new orders index declined by 1.9 pts from March to 51.1 in April, andthe new export orders index dropped by 0.7 pts from the previous month to 50.6 inApril,indicating a slower expansion in the market demand and external demand.Furthermore, the imports indexwent down by2.3 pts to48.1 in April, returning to thecontractionary territory.Meanwhile, the output index increased by 0.7 pts to 52.9 inApril, pointing to a faster growth in manufacturing production.The input prices indexjumpedby3.5pts to 54.0inApril,indicatingsustainedcostpressureson enterprises.Meanwhile,the ex-factory prices indexroseby1.7 pts to 49.1,indicatingthatex-factorypricesstarted to stabilize. By size of enterprises,the PMI of ‘large enterprises’fellto50.3 in April from51.1 inMarch. The PMI of ‘medium enterprises’edgedupto50.7 in April from50.6 in March.The PMI of ‘smallenterprises’stayed flat at 50.3 in April compared with thepreviousmonth. The output indexincreasedto52.9 in April from52.2 in March.The outputindicesof‘large enterprises’,‘medium enterprises’and ‘small enterprises’were allabovetheneutral level of 50,registering 52.8, 53.4and 52.4respectivelyinApril. The new orders indexdecreasedto 51.1 in April from53.0 in March.The new ordersindicesof ‘large enterprises’,‘medium enterprises’and ‘small enterprises’allstayedinthe expansionary zone, registering 50.6, 51.9and 51.2respectivelyinApril. The new export ordersindexfell to 50.6 in April from51.3 in March.Thenewexportorders indexof‘large enterprises’came in at 50.0in April.The new export orders indexof‘medium enterprises’stayedabovethecritical 50-mark,registering52.2 in the month.Meanwhile, theexport orders index of‘small enterprises’remainedbelow50,registering49.6inthe month. The backlogs of orders indexdeclinedto 45.6 in April from47.6 in March.Thebacklogsof orders indicesof‘large enterprises’, ‘medium enterprises’and ‘small enterprises’allremainedbelowtheneutral level of 50,registering46.1, 46.1and43.7respectivelyinApril. The stocks of finished goods indexwentdown to 47.3 in April from48.9 in March.Thestocks of finished goods indicesof‘large enterprises’,‘medium enterprises’ and‘smallenterprises’allstayedin the contractionary zone,registering47.9, 47.5and45.6respectivelyinApril. The stocks of major inputs indexcame in at48.1 inApril, the same as inMarch. Thestocks of major inputs indicesof ‘largeenterprises’,‘medium enterprises’and‘smallenterprises’allremainedbelowthecritical 50-mark,registering48.4, 47.9and47.6respectively inApril. The purchases of inputs indexdroppedto50.5 in April from52.7 in March.Thepurchases of inputsindicesof‘large enterprises’and‘mediumenterprises’stayedintheexpansionary zone,registering50.5and 50.8inApril.Meanwhile, thepurchases ofinputs indexof‘small enterprises’came in at50.0 in the month. The imports indexdecreasedto48.1 in April from50.4 in March.Theimportsindicesof‘largeenterprises’and ‘small enterprises’dropped belowthe neutral level of50,registering47.5and47.2respectively inApril.Meanwhile, theimports index of‘mediumenterprises’rose above50, registering50.1inthe month. The input prices indexclimbedto54.0 in April from50.5 in March. Theinput pricesindicesof‘large enterprises’,‘mediumenterprises’and‘small enterprises’allremainedabovethecritical 50-mark, registering54.0, 53.4and54.7respectivelyinApril. Theex-factory prices indexwent upto49.1 in April from47.4 in March.1Theex-factory prices indices of‘largeenterprises’,‘mediumenterprises’and‘smallenterprises’allremainedbelowthe neutral level of50,registering49.3,49.4and48.9respectively inApril. The employment indexedged down to 48.0 in April from48.1 in March.Theemploymentindicesof‘largeenterprises’,‘medium enterprises’and ‘small enterprises’all stayedinthecontractionaryzone, registering48.0, 47.8and48.3respectivelyinApril. The suppliers’ delivery time index came in at50.4 in April, down from50.6 in March.Areading above 50 implies faster delivery; below 50, slower delivery. The suppliers’delivery time indices of ‘large enterprises’, ‘medium enterprises’ and ‘small enterprises’registered50.3,50.3and50.6respectively inApril. The business expectations indexfellto55.2 in April from55.6 in March.2The businessexpectations indices of ‘large enterprises’, ‘medium enterprises’ and ‘small enterprises’were 55.6, 56.2and52.9respectively inApril. CFLP 中國物流與採購聯合會 China Federation of Logistics & Purchasing (CFLP) is the logistics andpurchasing industryassociation approved by the State Council. CFLP’s mission i