China Industrieproduktion

China’s industrial production advanced by 5.1% year-on-year in July 2024, below market expectations of 5.2% while easing from a 5.3% growth in the prior month. The latest reading marked the third straight month of moderation in industrial output, with growth hitting its lowest since March, mainly due to a slowdown in manufacturing activity (5.3% vs 5.5% in June) and utilities (4.0% vs 4.8%) as economic recovery stayed fragile. Among industries, 33 out of 41 major sectors registered growth, notably coal, mining & washing (4.7%), oil & natural gas (5.7%), chemical products (8.6%), textiles (5.9%), non-ferrous metal smelting and rolling processing (9.4%), railway, shipbuilding, aerospace and other transportation equipment (12.7%), automobile (4.4%), computer, communication and other electronic equipment (14.3%), and utilities (3.2%). Monthly, industrial activity advanced 0.35%, after a 0.4% gain in June. On a year-to-date basis, industrial output expanded 5.9%.