China’s November industrial income rise, however at a slower tempo
China’s industrial profits rose more slowly in November, official data showed on Monday, as commodity producers faced lower commodity prices.
Industrial profits rose 9.0% year over year in November, compared to 24.6% in October, the National Bureau of Statistics said. From January to November, China’s industrial profit rose 38.0% year over year.
Falling commodity prices last month weighed on the profit increases of commodity producers, but at the same time helped to increase the profits of the downstream equipment and consumer goods manufacturers, the statistics bureau said.
Consumer goods manufacturers saw profits grow faster in November thanks to a steady recovery in production and higher producer prices. Device manufacturers also reversed their profit decline in November, posting a profit increase of 0.8% year-on-year.