China's industrial production rises 5.4% in November

China's industrial production grew 5.4% year-on-year in November 2024, slightly surpassing market expectations and October's growth rate of 5.3%.

China's industrial production rises 5.4% in November

This was primarily driven by a stronger performance in manufacturing, which rose by 6.0% compared to 5.4% in October. Meanwhile, production and supply activities in electricity, heat, gas, and water increased by 1.6% (down from 5.4% in October), and mining grew by 4.2% (down from 4.6%). Within manufacturing, 34 out of 41 major sectors saw growth, including notable increases in computer and communication equipment (9.3%), heat production (1.8%), non-ferrous metal smelting (7.4%), coal mining and washing (3.7%), oil and natural gas (5.3%), cars (12%), general equipment manufacturing (4.4%), chemicals (9.5%), and railway, ship, and aviation industries (7.9%).

China's industrial output up 5.8% YTD, non-metallic products decline

However, production of non-metallic mineral products declined by 2.3%. Over the first eleven months of the year, industrial output rose by 5.8%. Every month, industrial output increased by 0.46% in November, up from a 0.41% gain in October.