The Caixin China General Manufacturing Purchasing Managers’ Index (PMI) measures the performance within the manufacturing sector, and is based on over 400 private industrial companies in China. The PMI shows a steady figure of 53.0 for September 2020, suggesting manufacturing growth remains robust, and factory activity continued their recovery path since COVID-19 hit.
China’s manufacturing industry this last quarter has exceeded last year’s readings, aided by a COVID-19 measure being relaxed. There was a new rise in orders, and buying levels were at an all time high since 2018.
New export business in China has seen its largest increase since 2017, alongside purchasing activity reaching its highest level of the last decade. This year has also seen the highest number of new orders since the beginning of 2011. Haizol has witnessed continued growth from the middle of the year until now, finding an increased number of buyers wanting to move to digital manufacturing, and finding value in Haizol’s hands off, online sourcing offering.
China manufacturing has also demonstrated its resilience through employment figures, which have now stabilized after a turbulent couple of months of job shedding. Key manufacturing companies showed growth in input costs have risen, yet there has been no significant rise in selling prices due to tough market competition. Hazel, who have experienced continual growth to their customer base, have also maintained that keeping their prices low is imperative to their customer-centered approach, and remaining the most competitive in the market.
The economy in China has demonstrated it has got its momentum back post epidemic, with manufacturing expanding the most since 2011, according to the Caixin index. In 2020, it has beaten the market consensus month on month, with successive growth in factory activity and the sharpest in almost a decade, as consumer demand continued to expand after the pandemic. With index figures at a 6-month high, and with a renewed increase in orders month on month, buyers worldwide can order parts with confidence.
Whether a company is looking to outsource a prototype or full-scale production, Haizol is an expert in metal and plastic custom part production. Companies of all sizes receive a tailor-made, customer-focused service.