Chemical Manufacturing Surges 7.1% as China Posts Solid October Industrial Gains

Official data released by China's National Bureau of Statistics indicates that the country's industrial production maintained a steady, albeit moderate, expansion in October.

In real terms, the value-added output of industrial enterprises above the designated size increased by 4.9% year-on-year. On a month-on-month basis, output saw a slight increase of 0.17%.

Sectoral and Categorical Breakdown

A detailed look at the figures reveals varied performance across different sectors and ownership types.

• By Major Category: Output in the mining sector grew by 4.5% year-on-year in October, while manufacturing output increased by 4.9%. The production and supply of electricity, heat, gas, and water recorded a rise of 5.4%.

• By Economic Type: State-controlled enterprises saw their output increase by 6.7% compared to the same period last year. Shareholding enterprises posted a 5.2% growth, and foreign-funded enterprises, as well as those from Hong Kong and Macao, saw a 4.0% rise. Meanwhile, output from private enterprises grew by 2.1%.

Mixed Performance Across Industries

Among the 41 major industrial sectors surveyed, 29 recorded year-on-year growth in output. Key performances included:

• Notable Growth: Motor vehicle manufacturing led the gains with a significant surge of 16.8%. Production in railway, shipbuilding, aerospace, and other transport equipment also saw strong growth of 15.2%. The manufacturing of chemical raw materials and chemical products increased by 7.1%, while general-purpose equipment manufacturing rose by 6.9%. Coal mining and washing grew by 6.5%.

• Modest Gains or Declines: Computer, communications, and other electronic equipment manufacturing rose by 8.9%. However, the manufacture of alcoholic beverages, beverages, and refined tea declined by 1.9%, and non-metallic mineral products manufacturing fell by 3.2%. Textile production saw minimal growth of 0.2%.

Key Product Output

In October, output increased for 313 out of 623 major industrial products. Specific production figures include:

• Steel: 118.64 million tonnes, down 0.9% year-on-year.

• Cement: 147.75 million tonnes, down 15.8%.

• Ten Non-ferrous Metals: 6.95 million tonnes, up 2.9%.

• Ethylene: 3.14 million tonnes, up 11.7%.

• Automobiles: 3.279 million units, up 11.2%, of which New Energy Vehicles accounted for 1.71 million units, up 19.3%.

• Electricity Generation: 800.2 billion kilowatt-hours, up 7.9%.

• Crude Oil Processing: 63.43 million tonnes, up 6.4%.

Sales and Exports

The product sales rate for industrial enterprises above the designated size stood at 96.4% in October, representing a decrease of 1.0 percentage point compared to the same month last year. Meanwhile, industrial export delivery value was recorded at 1.3245 trillion yuan, a nominal decrease of 2.1% year-on-year.

Cumulative Performance

For the period from January to October, the industrial added value for enterprises above the designated size grew by 6.1% compared to the same period a year earlier. Within this, the chemical raw materials and chemical products manufacturing sector expanded by 8.0%.