China’s industrial firms are performing well in 2021 compared to the previous year, but profit increases are patchy, with raw material producers such as miners reaping the benefits of increased commodity prices at the cost of manufacturers, reports Bloomberg. In the first 11 months of the year, industrial profits climbed 38% from a year earlier, the National Bureau of Statistics said Monday.
On a monthly basis, though, profit growth decelerated to 9% in November from a year earlier. That was the slowest pace of increase since May as some manufacturers saw their margins squeezed by higher input costs.
The figures showed that the mining industry racked up around one eighth of the total profits logged during the 11 months, with gains of 186%. For manufacturers, profits rose 34.5% during the same period. Profits at carmakers fell 3.4% from a year ago while food manufacturers saw theirs slip by 1.7%.