China industry slowdown continues; July PMI slips to 50.1%

01 August 2012 04:27  [Source: ICIS news]

SINGAPORE (ICIS)--China’s manufacturing sector continued to slow down in July, with its Purchasing Managers’ Index (PMI) dipping to 50.1% from 50.2% in June, official data showed on Wednesday.

Weak demand and oversupply caused the decline in the numbers, according to the China Federation of Logistics and Purchasing (CFLP).

July’s new order sub-index slipped 0.2 percentage points from June to 49.0%, extending the decline for the fifth consecutive month, the data showed.

Production index was also down 0.2 percentage points month on month to 51.8% in July, while the export index fell by 0.9 percentage points to 46.6% and the import index declined by 1.5 percentage points to 45.0%.

China’s PMI is based on a survey of 820 manufacturers. A PMI reading above 50% indicates an expansion, while a reading below 50% means a contraction.

By: Dolly Wu
+65 6780 4359

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