BEIJING — China’s manufacturing exports in June grew by the slowest pace in more than two years, adding fuel to concerns that the world’s workshop is slowing.
According to new data released today, China’s Purchasing Managers Index (PMI) fell by 1.1 percentage points to the lowest level in 28 months, according to the China Federation of Logistics and Purchasing.
The PMI is a measurement of factory production, and the federation considers a measurement above 50 as a signal of expanding production. The figure for June was 50.9, compared with a level of 52 for May.
Across Guangzhou, the heart of China’s Pearl River Delta production zone, factory managers and workers have bemoaned a slowdown in orders and production in recent years. Many say the situation is getting worse and more factories are bound for closure in the coming year.
The PMI is not directly related to China’s economic growth rates, but underline a potentially troubling pattern in a key element of the country’s economy.