China’s Electronics Manufacturing Industry Sees Significant Growth in Early 2024

Beijing, The Gulf Observer: China’s electronics manufacturing industry demonstrated robust growth in the first four months of 2024, fueled by a steady rise in production and a recovery in both domestic and global demand.

According to the Ministry of Industry and Information Technology (MIIT), the combined profits of major companies in the sector surged by 75.8 percent year-on-year, reaching 144.2 billion yuan (approximately 20.3 billion U.S. dollars) from January to April. During the same period, these companies reported a combined operating revenue of 4.67 trillion yuan, marking a 7.9 percent increase year-on-year.

The MIIT attributed this significant expansion to strong performance on both the supply and demand sides of the sector. Notably, the value-added industrial output of major companies within the industry increased by 13.6 percent compared to the same period last year, which is 7.3 percentage points higher than the growth rate of the country’s overall industrial output.

Export data further highlighted the sector’s impressive performance. From January to April, China exported 44.01 million laptops, representing a 9.6 percent year-on-year increase. Mobile phone exports also saw a rise, with 241 million units shipped abroad, up 4.6 percent year-on-year.

These major companies, as defined by the MIIT, are those with an annual main business revenue of at least 20 million yuan.

The electronics manufacturing industry’s strong start to the year underscores China’s vital role in the global technology supply chain and reflects the resilience and adaptability of its industrial sectors amidst fluctuating market conditions.