01 March 2013 03:21 [Source: ICIS news]
SINGAPORE (ICIS)--China’s purchasing managers’ index (PMI) slipped to 50.1% in February, down 0.3 percentage points from January, indicating a slight slowdown in manufacturing activities, official data showed on Friday.
The decline was attributed to the week-long Lunar New Year holiday in China on 9-15 February, according to the China Federation of Logistics & Purchasing (CFLP).
China has managed to keep a PMI reading above 50%, indicating expansion, for four straight months, it said.
The new-order index in February dropped by 1.5 percentage points to 50.1% from the previous month, while production index eased by 0.1 percentage points to 51.2%, according to the data.
Import index also dropped by one percentage point to 48.1% while the new export index was down by 1.2 percentage points to 47.3% in February
The lower new export index indicates that external demand remains unstable, according to an industry source.
China’s PMI is based on a survey of 820 manufacturers in the country. A PMI reading at above 50% indicates expansion, while a reading below 50% means contraction.
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