Industrial Production YoY (China)
Event Date: Wednesday, November 15, 2023
Event Time: 02:00 CET
Updated Sunday, November 12, 2023
The pace of growth of industrial production in China peaked at 7.2% in February last year but it has declined since then and the pace continues to fall. It seems that the US tariffs on Chinese goods are having an impact, hence the Chinese being so eager to strike a deal with Trump's administration. We saw a jump to 5.7% in December from 5.4% in the previous month but we were expected to see another slowdown to 5.5% for February, since there was no release in February for January. Although production jumped by 8.5% YoY for March, it declined to 5.4% in April, way below the 6.5% expected. May was expected to remain the same, but as the trade war precipitated, this sector became increasingly volatile and the pace of production growth fell to 5% in May. Although, June's report showed a big jump to 6.3% YoY which seemed sort of strange. But the softening trend resumed again in July as industrial production slowed to 4.8% in July and to 4.4% in August. Although in September, we saw a jump to 5.8%, but that proved to be skewed, probably by the Chinese officials because in October, the declining trend resumed again. In November, production grew by 6.2% on an annualized basis and increased further to 6.9% in January. But in February we saw a 13.5% decline due to coronavirus shut-down. But, the contraction slowed to just -1.1% in March while turning positive in April, growing by 3.9%. In June growth reached 4.8%, where it stayed in July as well, but in August it increased by 5.6%, while in September it surged higher by 5.9%. The increase continued in October at 6.9%. In February, we saw a massive increase of 35.1% due to the Chinese New year, while March was another great month, with a 14.1% increase. Production has slowed, falling to 4.4% in June, while July fell to 3.7%. Although it has been improving to 5.5% last month and this month it is expected to be better at 7.7%. Please follow us for live coverage of this event by experienced market analysts.
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About Industrial Production YoY (China)
Released monthly, excluding February, about 15 days after the month ends by the National Bureau of Statistics of China. It reflects the change in the total inflation-adjusted value of output produced by manufacturers, mines, and utilities. It's a leading indicator of economic health - production is the dominant driver of the economy and reacts quickly to ups and downs in the business cycle. Chinese data can have a broad impact on the currency markets due to China's influence on the global economy and investor sentiment.