Corona Virus Impact: China's January PMI Reduction

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Beijing, Ta. 31 January 2020, Friday

In January, activity in China's manufacturing sector declined. The decline in export orders and the spread of coronavirus as a result of the risks posed to the world's second largest economy are affecting the manufacturing sector. The trade war with the United States has eased but the coronavirus poses a new challenge to China.

China's January Purchasing Sector Managers' Index (PMI) for January declined to 7.2 from December, according to data released by China's National Bureau of Statistics. The coronavirus has killed more than 3 people in China and imposed widespread restriction on transport services. In addition, strict public health measures have had a serious impact on tourism and retail.

The virus is also expected to affect China's economic growth rate. China's GDP fell to a five-year low due to a trade war with the US. While there was no increase in the PMI of the manufacturing sector, some component indicators point to weakness in the manufacturing sector. The increase in export orders for the first time in December after more than one period has been washed away in January.

Total new orders have seen a slight increase. The sub-index of imports has decreased. Employment in factories continued to decline in January, but employment was slowing down.

However, production activity is slowing down due to the Lunar New Year holidays in China in January. However, due to the coronavirus, the supply chain in China and other export markets was likely to be lost as the holidays extended.

China's PMI in the manufacturing sector rose to 7.2% in January compared to 7.6% in December. However, the impact of coronavirus on the service sector has not been fully seen and further inspection is required, the report also said.

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