China’s value added of manufacturing increases by 3.4% in Oct ’22

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China’s total value added of manufacturing increased by 3.4 per cent and that of production and supply of electricity, thermal power, gas, and water increased by 5.5 per cent as per the national bureau of statistics (NBS) of China. The country’s total year-to-date (YTD) retail sales of consumer goods reached 36,057.5 billion yuan (approximately $5088.70 billion), up by 0.6 per cent year on year (YoY), 0.1 percentage point lower than that in the first nine months.

China’s industrial enterprises above the designated size went up by 4 per cent YoY in the first ten months of 2022, 0.1 percentage point faster than that in the first nine months. In the first nine months of 2022, the total profits made by industrial enterprises above the designated size were 6,244.2 billion yuan, down by 2.3 per cent YoY.

China’s total value added of manufacturing increased by 3.4 per cent and that of production and supply of electricity, thermal power, gas, and water increased by 5.5 per cent as per the national bureau of statistics of China. The country’s total year-to-date (YTD) retail sales of consumer goods reached 36,057.5 billion yuan, up by 0.6 per cent year on year.

Analysed by different areas, the YTD retail sales of consumer goods in urban areas reached 31,264.9 billion yuan, up by 0.5 per cent YoY, and that in rural areas reached 4,792.6 billion yuan, up by 0.8 per cent. Grouped by consumption patterns, the retail sales of goods were 32,522.7 billion yuan, up by 1.2 per cent YoY.

Online retail sales reached 10,954.2 billion yuan, up by 4.9 per cent. Specifically, the online retail sales of physical goods were 9,450.6 billion yuan, up by 7.2 per cent, accounting for 26.2 per cent of the total retail sales of consumer goods. In October 2022, the total retail sales of consumer goods reached 4,027.1 billion yuan, down by 0.5 per cent YoY, or a decrease of 0.68 per cent month on month (MoM). Specifically, the retail sales of goods were 3, 617.1 billion yuan, up by 0.5 per cent YoY.

The total YTD value of imports and exports of goods was 34,616.5 billion yuan, an increase of 9.5 per cent YoY. The total value of exports was 19,711.3 billion yuan, up by 13.0 per cent. The total value of imports was 14,905.3 billion yuan, up by 5.2 per cent. The imports and exports of general trade accounted for 63.8 per cent of the total value of the imports and exports, 2.1 percentage points higher than that of the same period last year. The imports and exports by private enterprises accounted for 50.4 per cent of the total value of imports and exports, 2.2 percentage points higher than the same period of the previous year. In October 2022, the total value of imports and exports of goods was 3,551.5 billion yuan, up by 6.9 per cent YoY, according to the NBS.

The YTD CPI went up by 2.0 per cent YoY. In October 2022, the consumer price went up by 2.1 per cent YoY, 0.7 percentage point lower compared with the previous month or up by 0.1 per cent MoM. The core CPI excluding the prices of food and energy went up by 0.6 per cent YoY, the same as the previous month.

In the first ten months, the producer prices for industrial products and the purchasing prices for industrial producers went up by 5.2 per cent and 7.5 per cent YoY respectively. In October 2022, the producer prices for industrial products decreased by 1.3 per cent YoY, or up by 0.2 per cent MoM. The purchasing prices for industrial producers went up by 0.3 per cent YoY, or up by 0.3 per cent MoM.

In general, the national economy withstood multiple shocks from domestic and international factors beyond expectation and sustained the momentum of recovery in October.

Fibre2Fashion News Desk (DP)



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