PMIReportonChinaManufacturing China’smanufacturingPMIfallsto50.4inApril,indicatingacontinuedyetslowerexpansioninthemanufacturingsector ChinaManufacturingPMI,seasonallyadjusted ChinaManufacturingataGlance–April2024 HelenChin VicePresident E:helenchin@fung1937.com WilliamKong SeniorResearchManager E:williamkong@fung1937.com FungBusinessIntelligence 11/FLiFungTower 868CheungShaWanRoadKowloon,HongKong T:(852)23002271 F:(852)26351598 E:fbicgroup@fung1937.comW:http://www.fbicgroup.com Index SeasonallyAdjustedIndex IndexComparedwiththe PreviousMonthDirection PMI50.4Lower▼Expanding Output52.9Higher▲Expanding NewOrders51.1Lower▼Expanding NewExportOrders50.6Lower▼Expanding BacklogsofOrders45.6Lower▼Contracting StocksofFinishedGoods47.3Lower▼ContractingStocksofMajorInputs48.1UnchangedContractingPurchasesofInputs50.5Lower▼Expanding Imports48.1Lower▼Contracting InputPrices54.0Higher▲Rising Ex-factoryPrices49.1Higher▲Falling Employment48.0Lower▼Contracting Suppliers’DeliveryTime50.4Lower▼Quickening BusinessExpectations55.2Lower▼Optimistic 9ofthe13sub-indiceswerelowerthantheirrespectivelevelsinthepreviousmonth.Forexample,thenewordersindexdeclinedby1.9ptsfromMarchto51.1inApril,andthenewexportordersindexdroppedby0.7ptsfromthepreviousmonthto50.6inApril,indicatingaslowerexpansioninthemarketdemandandexternaldemand.Furthermore,theimportsindexwentdownby2.3ptsto48.1inApril,returningtothecontractionaryterritory.Meanwhile,theoutputindexincreasedby0.7ptsto52.9inApril,pointingtoafastergrowthinmanufacturingproduction.Theinputpricesindexjumpedby3.5ptsto54.0inApril,indicatingsustainedcostpressuresonenterprises.Meanwhile,theex-factorypricesindexroseby1.7ptsto49.1,indicatingthatex-factorypricesstartedtostabilize. Bysizeofenterprises,thePMIof‘largeenterprises’fellto50.3inAprilfrom51.1inMarch.ThePMIof‘mediumenterprises’edgedupto50.7inAprilfrom50.6inMarch.ThePMIof‘smallenterprises’stayedflatat50.3inAprilcomparedwiththepreviousmonth. Theoutputindexincreasedto52.9inAprilfrom52.2inMarch.Theoutputindicesof‘largeenterprises’,‘mediumenterprises’and‘smallenterprises’wereallabovetheneutrallevelof50,registering52.8,53.4and52.4respectivelyinApril. Thenewordersindexdecreasedto51.1inAprilfrom53.0inMarch.Thenewordersindicesof‘largeenterprises’,‘mediumenterprises’and‘smallenterprises’allstayedintheexpansionaryzone,registering50.6,51.9and51.2respectivelyinApril. Thenewexportordersindexfellto50.6inAprilfrom51.3inMarch.Thenewexportordersindexof‘largeenterprises’cameinat50.0inApril.Thenewexportordersindexof‘mediumenterprises’stayedabovethecritical50-mark,registering52.2inthemonth.Meanwhile,theexportordersindexof‘smallenterprises’remainedbelow50,registering 49.6inthemonth. Thebacklogsofordersindexdeclinedto45.6inAprilfrom47.6inMarch.Thebacklogsofordersindicesof‘largeenterprises’,‘mediumenterprises’and‘smallenterprises’allremainedbelowtheneutrallevelof50,registering46.1,46.1and43.7respectivelyinApril. Thestocksoffinishedgoodsindexwentdownto47.3inAprilfrom48.9inMarch.Thestocksoffinishedgoodsindicesof‘largeenterprises’,‘mediumenterprises’and‘smallenterprises’allstayedinthecontractionaryzone,registering47.9,47.5and45.6respectivelyinApril. Thestocksofmajorinputsindexcameinat48.1inApril,thesameasinMarch.Thestocksofmajorinputsindicesof‘largeenterprises’,‘mediumenterprises’and‘smallenterprises’allremainedbelowthecritical50-mark,registering48.4,47.9and47.6respectivelyinApril. Thepurchasesofinputsindexdroppedto50.5inAprilfrom52.7inMarch.Thepurchasesofinputsindicesof‘largeenterprises’and‘mediumenterprises’stayedintheexpansionaryzone,registering50.5and50.8inApril.Meanwhile,thepurchasesofinputsindexof‘smallenterprises’cameinat50.0inthemonth. Theimportsindexdecreasedto48.1inAprilfrom50.4inMarch.Theimportsindicesof‘largeenterprises’and‘smallenterprises’droppedbelowtheneutrallevelof50,registering47.5and47.2respectivelyinApril.Meanwhile,theimportsindexof‘mediumenterprises’roseabove50,registering50.1inthemonth. Theinputpricesindexclimbedto54.0inAprilfrom50.5inMarch.Theinputpricesindicesof‘largeenterprises’,‘mediumenterprises’and‘smallenterprises’allremainedabovethecritical50-mark,registering54.0,53.4and54.7respectivelyinApril. Theex-factorypricesindexwentupto49.1inAprilfrom47.4inMarch.1Theex-factorypricesindicesof‘largeenterprises’,‘mediumenterprises’and‘small enterprises’allremainedbelowtheneutrallevelof50,registering49.3,49.4and48.9respectivelyinApril. Theemploymentindexedgeddownto48.0inAprilfrom48.1inMarch.Theemploymentindicesof‘largeenterprises’,‘mediumenterprises’and‘smallenterprises’allstayedinthecontractionaryzone,registering48.0,47.8and48.3respectivelyinApril. Thesuppliers’deliverytimeindexcameinat50.4inApril,downfrom50.6inMarch.Areadingabove50impliesfasterdelivery;below50,slowerdelivery.Thesuppliers’deliverytimeindicesof‘largeenterprises’,‘mediumenterprises’and‘smallenterprises’registered50.3,50.3and50.6respectivelyinApril. Thebusinessexpectationsindexfellto55.2inAprilfrom55.6inMarch.2Thebusinessexpectationsindicesof‘largeenterprises’,‘mediumenterpri