MNI DATA IMPACT: China April PMI Weakens To 51.1

China's manufacturing activity as measured by the Purchasing Manager Index (PMI) fell to 51.1 in April from 51.9 in March, weakening slightly from the previous strong rebound but still higher than for the same period in 2019 and 2020, the National Bureau of Statistics said on Friday. The PMI registered a 14th-month expansion above the breakeven 50.0.

MNI highlights the following key points:

• Production and new-order indices fell 1.7 and 1.6 percentage points to 52.2 and 52.0. Manufacturers in agricultural food processing, furniture and communication equipment performed particularly well, with both indices higher than last month, the NBS said.
• New-export orders and imports were 50.4 and 50.6, 0.8 pp and 0.5 pp lower than last month, but still in the expansion territory for two consecutive months, the NBS said.
• The non-manufacturing gauge decelerated to 54.9 from 56.3. The service business activities sub-index was 54.4 compared with 55.2.
• The activities index in railway and air transportation, as well as accommodation, were at a high level above 65.0 as the service industry further rebounded amid improving epidemic controls, the NBS said.