中国制造业PMI月刊（2025年4月）

China’s manufacturing PMIfallsto49.0inApril,indicating acontractionin the manufacturing Helen ChinHead William KongManager HKUST LI & FUNGSUPPLY CHAIN INSTITUTELSK Business Bldg Allof the 13 sub-indices werelowerthan their respective levels inthe previous month.For example, the new orders index declined by2.6pts to 49.2 inApril, pointing to acontraction in market demand. The new export orders indexplummetedby4.3pts toatwo-year low of44.7, indicatingthat export demand has reduced at a fast pace recently.Against this backdrop, the output index dropped below the critical 50-mark to 49.8 in By size of enterprises,the PMI of ‘large enterprises’declinedto49.2 in April from51.2 inMarch. The PMI of ‘medium enterprises’droppedto48.8 in April from49.9 in March.The The output indexdecreasedto49.8 in April from52.6 in March.The outputindicesof‘large enterprises’and‘medium enterprises’dipped belowneutral level of 50,registering The new orders indexfellto49.2 in April from51.8 in March.The neworders indicesof‘large enterprises’,‘medium enterprises’and ‘small enterprises’allstayed inthe The new export ordersindexslumpedto44.7 in April from49.0 in March.The newexport ordersindicesof‘largeenterprises’,‘medium enterprises’and‘small enterprises’ The backlogs of orders indexdroppedto43.2 in April from45.6 in March.Thebacklogsof orders indicesof‘large enterprises’, ‘medium enterprises’and ‘small enterprises’all The stocks of finished goods indexdeclinedto47.3 in April from48.0 in March.Thestocks of finished goods indicesof‘largeenterprises’, ‘medium enterprises’ and ‘small The stocks of major inputs indexedgeddownto47.0 in April from47.2 in March. Themajor inputsindicesof‘largeenterprises’,‘medium enterprises’and‘smallenterprises’ The purchases of inputs indextumbledto46.3 in April from51.8 in March.Thepurchases of inputs indicesof ‘large enterprises’,‘medium enterprises’and ‘small The imports indexdecreasedto43.4 in April from47.5 in March.Theimports indicesof‘large enterprises’,‘mediumenterprises’ and‘small enterprises’all stayed below the The input prices indexfellto47.0 in April from49.8 in March. Theinput prices indicesof‘large enterprises’,‘medium enterprises’ and‘small enterprises’allstayedbelow the Theex-factory prices indexwent downto44.8 in April from47.9 in March.1Theex-factory prices indicesof‘largeenterprises’,‘mediumenterprises’and‘small The employment indexdroppedto47.9 in April from48.2 in March.Theemploymentindicesof‘largeenterprises’,‘medium enterprises’and ‘small enterprises’all stayedin The suppliers’ delivery time indexcame in at50.2inApril, down from50.3inMarch.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 indexdeclinedto52.1 in April from53.8 in March.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 topush 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 adjusted indices for five of the sub-indicators with varying weights: NewOrders—30%; Output—25%; Employment—20%;Suppliers’ Delivery Time—15%; and Stocks of Major Inputs—10%. A PMI readingabove 50 Currently there are more than twenty countries and regions conducting the PMI survey and HKUST Li & Fung Supply Chain Institute The HKUST Li & Fung Supply Ch