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19h ago

China’s Factory PMI Dips to 49.3 in July as Export Orders Contract Again

Export orders have now contracted for 15 months with the U.S. tariff truce ending next week

Image
A worker inspects a steel coil on the factory floor at the ArcelorMittal Dofasco steel mill in Hamilton, Ontario, Canada March 12, 2025. REUTERS/Carlos Osorio/File Photo
General view of the city centre skyline showing construction cranes and commercial buildings in Dublin, Ireland, January 25, 2022. REUTERS/Clodagh Kilcoyne/File Photo
Employees work on the automobile assembly line of Renault Trafic vehicles at the Renault Sandouville car factory, near Le Havre, France, March 29, 2024. REUTERS/Sarah Meyssonnier/File Photo

Overview

  • China’s official manufacturing PMI fell to 49.3 in July, marking its fourth month of contraction and missing economists’ forecasts of 49.7.
  • New export orders remained in contraction for a 15th consecutive month, reflecting mounting tariff uncertainty ahead of the mid-August truce expiry.
  • The non-manufacturing PMI eased to 50.1 from 50.5, signalling slower growth in China’s services and construction sectors.
  • Beijing’s Politburo meeting on July 30 yielded no indication of broad new stimulus, with policy support limited to targeted consumer subsidies.
  • Private-sector S&P Global data showed factory activity contracting in Japan and South Korea, underscoring a wider regional slowdown driven by trade tensions.