NBS: China's manufacturing PMI back to expansion in Mar
The rebound in the manufacturing PMI reflected the fact that the operation resumptions at domestic manufacturers after the Chinese New Year (CNY) holiday sped up last month and market activity in the industry improved, Zhao Qinghe, the bureau's senior statistician, explained.
Also, 15 out of the 21 surveyed industrial sectors were in expansion mode last month, 10 more than in February, Zhao noted.
Meanwhile, both demand and supply for the manufacturing industry improved, with the key sub-index for new orders rising by 4 points on month to reach 53, and that for production was 2.4 points higher than the prior month to 52.2, NBS data showed.
Nevertheless, the ferrous smelting and fabrication sector saw its two sub-indices both stay in contraction territory.
On the other hand, the activity of the manufacturing industry's exports and imports picked up gradually after the long CNY holiday. The sub-index for new orders for exports increased by a notable 5 points from the prior month to register 51.3, returning to the expansion zone for the first time after March 2023, and that for imports logged 50.4 after the on-month rise of 4 points.
The breakdown by the size of enterprises showed that the PMI for small-sized manufacturing firms finally reached the expansion zone for the first time in 12 months, or up 3.9 points on month to 50.3. Similarly, the result for medium-sized manufacturers rose by 1.5 points to 50.6, and that for large-sized enterprises edged up by 0.7 point on month to 51.1.
As for the PMI for China's non-manufacturing industry, it climbed for the third consecutive month by another 1.4 points on month to 52.4 in March, according to NBS.
At the same time, the sub-index for business activities in the construction sector of 56.2 was a result of an on-month increase of 2.7 points, suggesting accelerated construction works across the country with warmer daytime temperatures and intensive resumptions of businesses after the holiday, Zhao pointed out.
Written by Lea Li, liye@mysteel.com
Edited by Alyssa Ren, rentingting@mysteel.com
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