economy
China industrial profits jump 24.7% in April, fastest gain in over two years despite headwinds
China’s industrial profits grew at their fastest pace in over two years in April, buoyed by stronger exports, higher producer prices and gains in upstream industries.
TL;DR
- China's industrial profits rose 24.7% in April, the fastest growth since November 2023.
- For the first four months, industrial profits increased by 18.2%.
- Computing and electronics manufacturing saw earnings more than double.
- Oil and gas extraction profits reversed a previous decline, rising 8.1%.
- Petroleum processing profits nearly doubled due to higher crude prices.
- Automobile manufacturer profits fell 16.8%, an improvement from the previous quarter.
- Mining sectors saw a fivefold increase in profits.
- Furniture manufacturing profit declines steepened.
- The acceleration in industrial profit growth is attributed to rising producer prices amid global energy shocks.
- Economic growth in China slowed in April, with weaker industrial output and retail sales increases.
- Exports and imports remained strong in April.
- The producer price index jumped 2.8% in April, the most since July 2022.