The April Caixin China Manufacturing PMI dropped to 50.4, a three-month low, down 0.8 percentage points from the previous month. This reflects a slowdown in manufacturing expansion. The official manufacturing PMI, released on the same day, also fell below the 50 threshold, indicating contraction.
Retaliatory tariffs significantly impacted export orders, which plummeted to their lowest point since August 2023. This contributed substantially to the overall decline in the PMI.
Business expectations, as measured by the production and operation expectations index, fell to a new low since Q4 2024 and the third lowest since April 2012. This reveals heightened concerns among businesses about the global trade outlook.
【财新网】对等关税细节落地对出口和企业预期带来冲击，4月中国制造业扩张步伐放缓。
4月30日公布的4月财新中国制造业采购经理人指数（PMI）录得50.4，低于上月0.8个百分点，为三个月来最低。
国家统计局同日公布的4月制造业PMI录得49，较上月下降1.5个百分点，结束两个月的扩张，落入收缩区间。
4月财新中国制造业PMI各分项指数，大都出现下降。其中生产指数在扩张区间微降，新订单指数降至七个月新低，但仍在扩张，显示供给继续好于需求；受对等关税影响，新出口订单指数骤降至2023年8月以来最低，明显低于荣枯线；生产经营预期指数在扩张区间降至2024年四季度以来新低，也是2012年4月有记录以来第三低，显示业界对全球贸易前景的担忧加剧；就业指数在上月短暂扩张后再次落入收缩区间；企业更多动用库存来生产和销售，原材料库存指数降至荣枯线下，产成品库存指数则在收缩区间微升。制造业价格仍然低迷，原材料购进价格指数连续两月位于收缩区间，降幅略有收窄，出厂价格指数在收缩区间持平。
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