China manufacturing PMI up in September, exports rise

China's manufacturing purchasing managers' index (PMI) increased in September, with the indicators for export and imports showing expansion for the first time this year.

The manufacturing PMI rose to 51.5 in September from 51 in August, the national statistics bureau (NBS) said. A figure above 50 indicates an expansion.

Sub-indexes for production and new orders were both in expansion territory, indicating a month-on-month increase in output and demand. The sub-index for new orders was 52.8, 0.8 points up from August and the highest over past 12 months. The production index rose by 0.5 points from August to 54, the second-highest reading in the past year.

The indexes for new export orders and imports are showing expansion for the first time this year, at 50.8 and 50.4 respectively in September — 1.7 and 1.4 points up from August.

A separate PMI published by private-sector Chinese firm Caixin edged down to 53 in September, 0.1 points lower from August. The output sub-index showed an expansion for the seventh consecutive month, although growth eased.

The growth in new orders in September was the steepest since the start of 2011, helped by a rebound in overseas demand, Caixin said. New export orders expanded at the fastest pace since August 2017.

Caixin surveys fewer, mainly smaller and medium-size companies for its PMI compared to official NBS index.