China’s industrial profits rose at their fastest pace since late 2023 in April, highlighting a mixed economic recovery driven by strong exports and upstream industries, even as domestic demand remains weak.
According to the National Bureau of Statistics, industrial firms’ profits increased 24.7% year-on-year in April, accelerating from a 15.8% rise in March. For the January–April period, profits climbed 18.2%, compared with 15.5% growth in the first quarter.
Officials said the gains were supported by stronger performance in manufacturing and raw-material sectors, alongside higher factory-gate prices and resilient export demand.
Exports remained a key support for the economy, boosted by global AI-related investment and firms accelerating shipments amid concerns over rising input costs linked to geopolitical tensions.
However, the recovery continues to be uneven. Weak domestic demand is still weighing on several sectors, particularly autos, even as external demand helps sustain overall profitability.
In sector performance, China’s chemical industry posted a 73.4% profit surge in the January–April period, while upstream energy and petroleum-processing industries also benefited from higher crude prices and improved pricing power.
In the auto sector, results were more mixed. BYD reported a 55.4% drop in first-quarter profit despite strong overseas sales, while Leapmotor posted stronger revenue growth but deeper losses.
Overall, the data suggests that while China’s industrial sector is benefiting from strong external demand, structural weaknesses in domestic consumption continue to limit the breadth and sustainability of the recovery.
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