China’s industrial profits increased at a slower pace in November, official data showed Monday, as raw material producers faced softer commodity prices.
Industrial profits in November rose 9.0% from a year earlier, compared with October’s 24.6% increase, said the National Bureau of Statistics. For the January to November period, China’s industrial profit grew 38.0% on year.
Falling commodity prices last month weighed on profit increases for raw material producers but at the same time helped lift profits at downstream equipment and consumer goods manufacturers, said the statistics bureau.
Consumer goods manufacturers posted a faster profit increase in November, thanks to steady production recovery and higher output prices. Equipment producers in November also reversed its profit decline and showed profits rising 0.8% on year.