China's Export Momentum Masks Domestic Demand Weakness

Articles · 3

• Forexlive5/6/2026, 1:46:49 AM
  China private survey Rating Dog Services PMI 52.6 in April (up from 52.1 in March)

  China's RatingDog (S&P Global) services PMI rose to 52.6 in April from 52.1 in March, marking a fortieth consecutive month of new order growth driven by domestic demand. The composite PMI climbed to 53.1 from 51.5, its second-fastest reading since May 2024, though export new business declined for a second straight month. Input cost inflation hit its highest level of 2026, attributed to rising oil and fuel prices linked to the Middle East conflict.

  Sentiment 0.10Sim 96%
• Forexlive4/30/2026, 3:20:03 AM
  China PMI data points to export resilience but soft domestic demand remains the weak spot

  China's official manufacturing PMI held near expansion at 50.3 in April, with new export orders returning to growth for the first time since April 2024, while the private RatingDog PMI beat expectations at 52.2. The non-manufacturing PMI fell to a 40-month low of 49.4, with new orders dropping to 44.3, reflecting persistent weakness in domestic consumer demand. The divergence between export-supported manufacturing and domestically-oriented services keeps pressure on Beijing to deliver demand-side stimulus.

  Sentiment 0.00Sim 91%
• Forexlive4/30/2026, 1:52:55 AM
  China private PMI surges to 52.2 in April, strongest factory reading since late 2020

  China's private RatingDog manufacturing PMI (compiled by S&P Global) rose to 52.2 in April from 50.8 in March, beating the 51.0 consensus and marking the strongest reading since late 2020. Output and new orders surged, with export orders expanding for a fourth consecutive month, while input price inflation hit a four-year high as Middle East energy costs fed through to factory gates. The official NBS manufacturing PMI came in at 50.3, well below the private survey, reflecting divergence between state-linked and private/export-oriented firms.

  Sentiment 0.30Sim 95%