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Chinese economy is showing some signs of relief, boosted by the recovery in new orders and export business, which push China’s manufacturing activity to return to growth territory in August.
The RatingDog manufacturing purchasing managers’ index came in at 50.5, sharply beating estimates of 49.7 from economists. The gauge signaled the fastest rate of expansion since March, rebounding from July’s 49.5. A reading below 50 signals contraction while one above that threshold suggests an expansion.
Data shows that the economic improvement was in part driven by a recovery in new export orders, indicating the “resilience of external demand in the face of tariffs. China’s exports growth, which is a bright spot in economy, has beaten expectations in recent months, driven largely by a surge in shipments to Southeast Asia and European countries, while shipments to the U.S. have declined for four straight months.
On the flip side, average raw material costs rose at their fastest pace in nine months, prompting some businesses to pass on the higher expenses to consumers. And the average sale prices stabilized after eight months of declines.
The latest uptick signals a breath of relief in economy, but he sustainability of the improvement will depend on whether exports can stabilize and domestic demand pick up steam substantially.
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