The latest data shows that large enterprises saw their Purchasing Managers' Index (PMI) rise to 51.4% in November, marking an increase of 0.5 percentage points from the previous month. This figure has remained above the critical threshold for three consecutive months, signaling a continued upward trend since October and further strengthening the momentum of the manufacturing sector. The overall recovery rate reached 79.7%, which is up by 0.4 percentage points compared to last month, though it remains just below the critical mark. For smaller businesses, however, the PMI dropped to 46.1%, declining by 1.1 percentage points from the prior month, marking its lowest level since April 2012.
In November, five of the key sub-indices contributing to the Manufacturing PMI showed a decline. Nevertheless, the production index managed to rise to 52.5%, increasing by 0.4 percentage points from the previous month, staying firmly above the critical point. This suggests that manufacturing output has maintained a positive trajectory with accelerating growth rates. Industries like automobile manufacturing, textiles, apparel, wood processing, and electrical machinery have continued to expand their production volumes. Tobacco products experienced a significant boost due to seasonal factors, while sectors such as food and beverage, special equipment manufacturing, and chemicals saw a dip in production levels.
The new order index also improved, reaching 51.2%, which is up by 0.8 percentage points from the previous month. This marks two consecutive months above the critical point, indicating an uptick in customer demand and market activity. Industries experiencing notable increases in market demand include wood processing, electrical machinery, automobiles, computers, and tobacco. However, sectors like special equipment manufacturing and chemical industries reported lower new orders, suggesting slower market demand.
Regarding foreign trade, the new export order index rose to 50.2%, improving by 0.9 percentage points, while the import index reached 48.5%, up by 0.1 percentage points. These figures reflect a gradual improvement in the manufacturing industry's foreign trade performance.
The raw material inventory index recorded 47.9%, showing a slight rise of 0.6 percentage points, yet it remains below the critical point. Despite this, the index has seen three consecutive months of recovery, implying that inventory levels are still falling but at a slower pace. Notable increases in raw material stocks were observed in the ferrous metal and wood processing industries, whereas sectors like special equipment manufacturing and automotive industries saw declines.
The employment index stood at 48.7%, down by 0.5 percentage points from the previous month, remaining below the critical point for six consecutive months. This indicates ongoing job reductions across the manufacturing sector. Labor demand has risen in some industries such as food processing and pharmaceuticals, but other sectors like textiles and metal products continue to see employment declines.
Supplier delivery times held steady at 49.9%, just slightly below the critical point. Major raw material purchase prices slipped to 50.1%, down by 4.2 percentage points, hovering near the critical threshold. Industries like ferrous metals and pharmaceuticals saw rising prices, while others such as petroleum processing and chemical products reported continued price drops.
Overall, these indicators suggest that while larger enterprises are driving growth, smaller firms face challenges. Market demand is picking up, but raw material costs remain volatile, and employment trends remain concerning.
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