China Export Leading Index Rebounded in February 2015

For February 2015, China's Export Leading Index (ELI) reached 39.6, month-on-month up by 1.0 from January, ending a decline for four consecutive months, which signals certain good expectation about China's export growth in the second quarter of 2015. As revealed by an online questionnaire survey, for February, China's Export Management Index reached 41.1, down by 0.1 from January; its New Export Order Index reached 42.5, down by 1.5 from January; Export Enterprises Comprehensive Cost Index was 26.2, up by 0.2 from January; Export Managers Confidence Index was 46.6, up by 1.9 from January.

1. Mild rise in the Export Management Index of large enterprises: For February, China's large enterprises made their Export Management Index at 43.1, up by 0.1 from January, while this index of small and medium enterprises was respectively down by 0.3 to 38.6 and by 0.4 to 39.4 month-on-month.

2. Less enterprises revealing year-on-year (YOY) rise in their new order value: Shown by the online survey, for February, the enterprises revealing YOY rise in their new order value accounted for 27.1%, less by 2.8 percentage points than January; the enterprises revealing YOY fall in their new order value accounted for 43.8%, more by 0.3 percentage point than January; and those revealing no change therein accounted for 29.1%.

3. More 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 27.3%, more by 1.3 percentage points than January; and those expressing "not optimistic" thereabout accounted for 36%, less by 2.0 percentage points than January.

4. Slightly less respondents revealing cost rise: Shown by the online survey, the enterprises revealing YOY rise in their export comprehensive cost accounted for 57%, less by 0.3 percentage point than January; those revealing YOY evenness therein accounted for 35.1%; and those revealing YOY fall therein accounted for 7.9%.

According to the survey in itemized costs for February, the enterprises revealing increase in their labor cost accounted for 62.7%, the same as January; those revealing increase in their raw materials cost accounted for 39.1%, more by 0.5 percentage point than January; and those revealing increase in their foreign-exchange cost accounted for 33.6%, less by 0.2 percentage point than January.