Posted on 02 Jan 2023
China's sizable industrial firms saw their gross profits drop by 3.6% on year to Yuan 7.72 trillion ($1.11 trillion) over January-November, as against the 3% on-year decline recorded in the prior 10 months, according to the latest release by the country's National Bureau of Statistics (NBS) on Tuesday morning.
The on-year fall in Chinese enterprises' profits was mainly due to the resurgence in COVID-19 cases and lack of demand, commented Zhu Hong, the senior statistician with NBS.
Over January-November, 20 of the 41 industrial sectors posted on-year gains in their profits. Among all the profitmaking sectors, the coal mining and washing sector maintained its top position in terms of total profits, which came in at Yuan 959.5 billion, surging 47% on year, the NBS data showed.
And the chemical sector ranked second with total profits reaching Yuan 693.7 billion, though down 6.9% on year, while the computer, telecommunications and other electronic devices sector ranked third, with the value slipping 4.2% on year to Yuan 669.1 billion, according to NBS.
Meanwhile, China's ferrous mining and processing sector posted on-year decline of 27.6% to Yuan 54.9 billion over January-November, while the steelmaking and processing sector saw its gross profits plunge by 94.5% on year to Yuan 22.9 billion.
As for the non-ferrous sector, smelting and processing firms posted a 20.5% on-year slump in gross profits to Yuan 228.7 billion, while the upstream mining and processing sector achieved Yuan 69.3 billion in gross profits, up 35.6% on year.
Source:Mysteel Global
