In November 2023, the added value of China's industrial enterprises above designated size actually increased by 6.6% year-on-year, showing a steady growth trend. Several sectors including mining, manufacturing and power saw growth during the month. What is particularly noteworthy is that the automobile manufacturing industry increased by 20.7% year-on-year, and the output of new energy vehicles achieved a significant growth of 35.6%. In addition, the product sales rate of industrial enterprises increased year-on-year, although the export delivery value fell.

Economic growth overview

In November 2023, China's industrial added value above designated size achieved a year-on-year growth of 6.6% after removing price factors, reflecting the stable development of China's industrial sector. The month-on-month increase was 0.87%, and the cumulative growth from January to November reached 4.3%.

Industry classification growth

In terms of industries, November data showed that the mining industry grew by 3.9%, the manufacturing industry increased by 6.7%, and the electricity, heat, gas and water production and supply industry had the most significant growth, reaching 9.9%. In terms of economic types, state-controlled enterprises, joint-stock enterprises, foreign-funded enterprises and private enterprises all achieved positive growth, among which state-controlled enterprises grew the fastest, reaching 7.3%.

Specific industry growth details

Among 41 major industries, 28 industries achieved year-on-year growth. Notable ones include coal mining and washing, oil and gas extraction, textiles, chemical raw materials and chemical product manufacturing. In particular, the automobile manufacturing industry grew by an astonishing 20.7% year-on-year, and the railway, shipbuilding, aerospace and other transportation equipment manufacturing industries also increased by 12.7%, indicating a strong recovery in the heavy industry sector.

Product output

Among 620 industrial products, the output of 367 products increased year-on-year. Specifically, the output of steel, cement, non-ferrous metals, ethylene and other products has increased. Automobile production deserves special attention. The total output reached 2.953 million units, a year-on-year increase of 23.6%, of which the output of new energy vehicles increased by 35.6%.

Sales and export status

In November, the product sales rate of industrial enterprises was 97.4%, a year-on-year increase of 0.5 percentage points. However, the export delivery value achieved by industrial enterprises declined, with a nominal year-on-year decrease of 3.0%.

source

The data in this report comes from the National Bureau of Statistics and reflects the latest developments in China's industrial sector.