China's industrial profits decline in Jan-April 2023 amid weak demand

29 May '23

1 min read

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Profits of China's leading industrial companies fell by 20.6 per cent year-on-year in the first four months of 2023, with total earnings around 2.03 trillion yuan, according to the National Bureau of Statistics.
Despite an 18.2 per cent drop in April, the overall revenue increased by 3.7 per cent, and 23 out of 41 sectors saw profit improvements.

The profits of China's leading industrial companies dropped by 20.6 per cent in the first four months of the year compared to the same period last year, the National Bureau of Statistics (NBS) revealed on Saturday. During this time, industrial enterprises generating a minimum annual primary business revenue of 20 million yuan (approximately $2.83 million) collectively earned around 2.03 trillion yuan.

In April, the profits of Chinese industrial firms experienced an 18.2 per cent year-on-year drop, a decrease that is 1 percentage point smaller than what was recorded in March. The firms saw their combined revenues increase by 3.7 per cent, an acceleration of 3.1 percentage points compared to the previous month, according to NBS.

Out of the 41 industrial sectors, 23 showed improved profits in April compared to March. The equipment manufacturing industry registered a 29.8 per cent profit increase on a year-on-year basis in April, thereby reversing a decline that was recorded in March.

Industrial profits continued to recover even as industrial companies face challenges like complex global environment that restrains demand, Chinese media reports said quoting NBS statistician Sun Xiao.

Fibre2Fashion News Desk (KD)

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