A worker checks autonomous manufacturing line at a workshop in Huangshi, Central China's Hubei Province. Filephoto: VCG

The global manufacturing Purchasing Managers' Index (PMI) for July came in at 49.3, down 0.2 from June, indicating a slight weakening in the recovery momentum of global manufacturing, which continues to operate at a subdued level, the China Federation of Logistics and Purchasing (CFLP) said on Wednesday. 

Meanwhile, the Asian manufacturing PMI was 50.5, down 0.2 from the previous month but remaining above the neutral mark of 50 for a third consecutive month. Asian manufacturing has maintained an overall expansionary trend, continuing to serve as the primary driver of the global economy.

The Americas manufacturing PMI stood at 48, down 0.6, showing that the region's manufacturing remained in contraction territory, with a weaker recovery momentum compared with the previous month. The US manufacturing PMI was 48, hitting a new low for the year and remaining below 50 for a fifth consecutive month, according to the CFLP.

The index in Africa stood at 51.1, up 1.4, reflecting a sustained strengthening in the recovery momentum of manufacturing.

The European manufacturing PMI stood at 49.1, up 0.3 from June, indicating that the recovery in the bloc's manufacturing sector showed a slight improvement compared with the previous month.

The global economy continues to face significant downward pressure. Uncertainties persist regarding US tariff policies toward various countries and geopolitical conflicts remain disruptive, with the trend of insufficient effective global market demand remaining unchanged, said the CFLP. 

A latest report released by the World Bank predicts that global trade growth will slow from 3.4 percent in 2024 to 1.8 percent in 2025. Countries need to engage in continuous communication and consultation to explore new cooperation models and trade rules, reducing the impact of uncertainties to bolster the momentum of the global economic recovery.

Global Times