The FTCR China Export Index rose in December, pointing to a sixth straight month of improving conditions in the Chinese export sector. Companies reported that export prices increased for a fourth month and that profits rose for a second straight month, despite rising costs. With volumes and new orders increasing as well, companies held a generally bullish outlook heading into 2017.
- Export volumes rose at their fastest pace in 17 months in December.
- Our Export Volume Index rose 3.9 points month-on-month to 64.2, a full 16.2 points higher than the level recorded in December 2015.
- This reading remains comfortably above the average of 54.1 recorded over the previous 12 months.
- Respondents held a positive outlook on exports for a sixth straight month.
- Our Export Outlook Index rose 1.7 points month-on-month to 52.7, which was 1.5 points below last December’s reading.
- New orders increased for a fourth straight month, with our sub-index rising 2.5 points month-on-month and 9.2 points year-on-year to 54.6.
- Export prices also rose for a fourth straight month, though at the same pace as in November.
- Our Export Price Index stayed flat month-on-month at 52.8, but was 4.6 points higher than in December 2015.
- Exporters reported that costs rose faster in December.
- Our Export Cost Index rose 4 points from November’s record low reading to 55.2, just below the average of 56.5 recorded over the previous 12 months.
- The 76.1 per cent of respondents saying their costs had not changed month-on-month was the largest proportion in the survey’s history.
- For the first time this year, exporters reported two straight months of increasing profits.
- Our Export Profit Index was unchanged from November at 51.5, but up 4 points year-on-year and well above the average of 48.3 recorded over the preceding 12 months.
The FTCR China export survey comprises interviews with 200 export manufacturers, trading companies and shipping agents nationwide. For further details click here.
This report contains the headline data from the export survey. The full results, including historical data, are available on our database.
FT Confidential Research is an independent research service from the Financial Times, providing in-depth analysis of and statistical insight into China and Southeast Asia. Our team of researchers in these key markets combine findings from our proprietary surveys with on-the-ground research to provide predictive analysis for investors.