Following May, export growth was again negative in June, which analysts said was partly due to the lack of improvement in weak external demand, and partly because a high base in the same period last year suppressed export growth in the current period.2022 In June, the value of exports increased by 17.0 per cent year-on-year.
Data released by the China Federation of Logistics and Purchasing (CFLP) showed that in June, the global manufacturing purchasing managers’ index (PMI) stood at 47.8 per cent, down 0.5 percentage points from the previous month, and below the 50 per cent glory line for nine consecutive months. Among them, the U.S. manufacturing PMI fell 0.9 percentage points to 46 per cent, and the European manufacturing PMI fell 0.8 percentage points to 45.4 per cent.
National Economic Research Centre of Peking University pointed out in a research report that although the depreciation of the RMB exchange rate in recent months, increased the export enterprises unsettled order profits, to a certain extent, improve the willingness of foreign customers to order, but overall, export demand has not yet been improved.
China Merchants Securities chief macro analyst Zhang Jingjing further pointed out that, according to historical data projections, China’s manufacturing PMI new export orders tend to lead the export of about 2-3 months, 4, May new export orders value are down, so June and July facing the pressure of the export growth rate is still not small, coupled with the same period last year the base is higher, so the recent export will maintain negative growth.
In June, the main export commodities, clothing and clothing accessories exports fell 14.5% year-on-year, textile yarn fabrics and products exports fell 14.3% year-on-year, high-tech products exports fell 16.8% year-on-year, rare earths, steel fell more than 30% year-on-year, automotive (including the chassis) exports rose 110% year-on-year.
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Post time: Jul-19-2023