China’s industrial profits grew at their fastest pace since late 2023 in April, supported by stronger exports and rising global demand tied to artificial intelligence investment, even as domestic economic conditions remained uneven.
Data released by the National Bureau of Statistics of China showed industrial profits rose 24.7% year over year in April, accelerating sharply from 15.8% growth in March and marking the strongest increase since November 2023.
For the first four months of 2026, industrial profits climbed 18.2%, compared with a 15.5% increase recorded during the first quarter.
The stronger performance was driven largely by export-oriented industries, as global buyers increased purchases amid concerns about higher production costs and supply disruptions linked to ongoing Middle East tensions.
China’s export sector has remained one of the few bright spots in the economy, benefiting from continued global AI infrastructure investment and stronger overseas demand. However, economists say domestic demand remains soft, leaving many companies increasingly dependent on international markets for growth.
The uneven recovery has been particularly visible in the automotive sector.
BYD, China’s largest electric-vehicle maker, reported a 55.4% decline in first-quarter profit, its steepest drop since 2020, despite achieving record overseas sales as a proportion of total deliveries.
Meanwhile, Leapmotor posted its strongest-ever first-quarter revenue performance, supported by rising exports and improving vehicle sales, although the company’s net loss widened from a year earlier.
Analysts note that higher component costs, weak consumer spending, and lingering property-market pressures continue to weigh on domestic industrial activity, even as exporters benefit from global demand trends.
China’s industrial profit data covers companies generating at least 20 million yuan ($2.95 million) in annual revenue from core operations.
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