中国制造业pmi月报（2025年6月）

China’s manufacturing PMIpicks up to 49.7inJune,indicating easing downward pressure on Helen ChinHead William KongManager HKUST LI & FUNGSUPPLY CHAIN INSTITUTELSK Business Bldg 11of the 13 sub-indices werehigherthan their respective levels inthe previous month.For example, the new orders indexrebounded by0.4pts to50.2inJune, pointing toanexpansionin market demand. The new export orders index alsogained0.2pts to 47.7,indicatingthat export demand has reduced at a slower pace recently. Against thisbackdrop, the output indexwent upby0.3pts to51.0inJune, pointing to a faster By size of enterprises,the PMI of ‘large enterprises’went upto51.2 in June from50.7 inMay, and the PMI of ‘medium enterprises’roseto48.6 in June from47.5 in May. The output indexincreased to 51.0 in June from50.7 in May.The outputindexof ‘largeenterprises’stayedabove theneutral level of 50,registering53.7inJune.Meanwhile,theoutputindicesof‘medium enterprises’and‘small enterprises’stayed below50, The new orders indexwent upto50.2 in June from49.8 in May.The new ordersindexof‘large enterprises’stayed intheexpansionaryzone,registering52.5 inJune.Meanwhile,the new orders indicesof‘medium enterprises’and ‘small enterprises’stayed inthe The new export ordersindexedgedupto47.7 in June from47.5 in May.The new exportordersindicesof‘largeenterprises’,‘medium enterprises’and‘small enterprises’all The backlogs of orders indexroseto45.2 in June from44.8 in May.Thebacklogsoforders indicesof‘large enterprises’, ‘medium enterprises’and ‘small enterprises’all The stocks of finished goods indexincreasedto48.1 in June from46.5 in May.Thestocks of finished goods indicesof‘largeenterprises’, ‘medium enterprises’ and ‘small The stocks of major inputs indexwent upto48.0 in June from47.4 in May. Themajorinputsindicesof‘largeenterprises’,‘medium enterprises’and‘smallenterprises’all The purchases of inputs indexjumpedto50.2 in June from47.6 in May.Thepurchasesof inputsindexof‘large enterprises’returned to the expansionaryzone,registering52.4in June.Meanwhile, the purchases of inputs indicesof‘medium enterprises’and ‘small The imports indexincreasedto47.8 in June from47.1 in May.Theimports indicesof‘large enterprises’and‘mediumenterprises’ stayed below theneutral level of50,registering48.0 and46.2respectivelyin June. Meanwhile, theimports indexof‘small The input prices indexwent upto48.4 in June from46.9 in May. Theinput prices indexof‘large enterprises’stayedbelow thecritical 50-mark, registering46.7in June.Theinput pricesindex of ‘medium enterprises’increasedto 50.0 in the month.Meanwhile, Theex-factory prices indexwent upto46.2 in June from44.7 in May.1Theex-factoryprices indicesof‘largeenterprises’,‘mediumenterprises’and‘small enterprises’all The employment indexfellto47.9 in June from48.1 in May.Theemployment indicesof‘largeenterprises’,‘medium enterprises’and ‘small enterprises’all stayedinthe The suppliers’ delivery time indexcame in at50.2 in June, up from50.0inMay.Areading above 50 implies faster delivery; below 50, slower delivery. The suppliers’delivery time indices of ‘large enterprises’, ‘medium enterprises’ and ‘small enterprises’ The business expectations indexdeclinedto52.0in June from 52.5 in May.2Thebusiness expectations indices of ‘large enterprises’,‘medium enterprises’and ‘small CFLP 中國物流與採購聯合會 China Federation of Logistics & Purchasing (CFLP) is the logistics and purchasing industryassociation approved by the State Council. CFLP’s mission is to push forward the developmentof the logistics industry and the procurement businesses of both government and enterprises, NBS 國家統計局 The National Bureau of Statistics (NBS), an agency directly under the State Council in China, isin charge of the country’s statistics. It is responsible for formulating statistical policies andestablishing the national statistical system, drafting and enforcing the statistical laws and China Manufacturing PMI 中國製造業採購經理指數 China Manufacturing Purchasing Managers’ Index (PMI) provides an early indication eachmonth of economic activities in theChinese manufacturing sector. It is jointly published by Every month questionnaires are sent to 3,000 manufacturing enterprises all over China. Thedata presented herein is compiled fromthe enterprises’ responses about their purchasingactivities and supply situations. CFLP makes no representation regarding the datacollection 3,000 manufacturing enterprises in 31 industries from Eastern, Northeastern, Central andWestern China are surveyed. Thesampling of the enterprises involves the use of ProbabilityProportional to Size Sampling (PPS), which means the selection ofenterprises surveyed is There are 13 sub-indicators in the survey: Output, New Orders, New Export Orders, Backlogs ofOrders, Stocks of Finished Goods,Purchases of Inputs, Imports, Input Prices, Stocks of MajorInputs, Ex-factory Prices, Employment, Suppliers’ Delivery Time andBusiness Expectations. An The PMI is a composite index based on the seasonally a