China Export Leading Index Down in November 2014

This November, China's Export Leading Index (ELI) reached 40.8, down month-on-month by 0.9 from October, declining for two consecutive months, which signals certain stress on China's export growth both late this year and early next year. As revealed by an online questionnaire survey, for November, China's Export Management Index reached 42.1, down by 0.8 from October; its New Export Order Index reached 44, down by 1.1 from October, and Export Managers Confidence Index was 48.3, down by 0.6 from October, and Export Enterprises Comprehensive Cost Index was 23.9, down by 0.5 from October.

1. Fall in the Export Management Indexes of all types of enterprises: For November, China's small, medium and large enterprises made their Export Management Indexes respectively at 38.9, 39.9 and 44.5, respectively down by 1.4, 1.0 and 0.6 from October.

2. Less enterprises revealing year-on-year (YOY) rise in their new order value: Shown by the online survey, for November, the enterprises revealing YOY rise in their new order value accounted for 29.4%, less by 1.9 percentage points than October; the enterprises revealing YOY fall in their new order value accounted for 43.8%, more by 0.7 percentage point than October; and those revealing no change therein accounted for 26.8%.

3. Less enterprises optimistic about their exports in next 2-3 months: Shown by the online survey, the enterprises expressing “optimistic” about their exports in the next 2-3 months accounted for 29.4%, less by 0.8 percentage point than October; and those expressing “not optimistic” thereabout accounted for 35.2%, more by 1.4 percentage points than October.

4. Slightly less respondents revealing cost rise: Shown by the online survey, the enterprises revealing YOY rise in their export comprehensive cost accounted for 60.3%, less by 0.4 percentage point than October; those revealing YOY evenness therein accounted for 32.7%; and those revealing YOY fall therein accounted for 7.0%.

According to the survey in itemized costs for November, the enterprises revealing increase in their labor cost accounted for 64.1%, even with October; those revealing increase in their raw materials cost accounted for 42.3%, less by 1.5 percentage points than October; and those revealing increase in their foreign-exchange cost accounted for 39.2%, less by 1.2 percentage points than October.