Liaoning Province has recently unveiled its primary economic metrics for the first seven months of the year. The data reveals a mixed performance across various sectors, with declines in industrial output and fixed-asset investment, while trade and specific consumer segments displayed notable resilience.

Industrial Output Contracts, Yet Select Equipment Manufacturing Sectors Show Strength

From January to July, the province's value-added industrial output from enterprises above a designated size fell by 1.9% year-on-year. However, the high-tech manufacturing sector bucked the trend with a 2.7% increase. Breaking down the three major categories, mining output dropped 8.1%, manufacturing declined 0.9%, and the utilities sector—covering electricity, heat, gas, and water—also decreased by 0.9%.

By economic type, state-controlled enterprises saw a 2.3% contraction, private firms were down 2.1%, while collective enterprises surged 23.1%. Shareholding companies edged down 0.4%, and foreign-invested enterprises, including those from Hong Kong, Macao, and Taiwan, fell by 6.7%. Among 40 industrial categories, 17 recorded growth, representing a positive expansion rate of 42.5%. Notably, the railway, ship, aerospace, and other transportation equipment manufacturing sector soared 44.4%, while computer, communication, and other electronic equipment manufacturing rose 8.5%, and general equipment manufacturing grew 6.5%. Conversely, automobile manufacturing output declined by 13.3%.

In terms of products, civilian steel ship production skyrocketed 2.7-fold. Integrated circuit output grew 38.7%, railway locomotives increased 29.1%, rolling bearings rose 28.3%, and sulfuric acid (100% equivalent) was up 15.3%. Other gains included transformers (14.2%), wood-based panels (10.9%), furniture (9.7%), rubber tires (5.9%), flat glass (5.6%), and chemical raw pharmaceuticals (3.8%). Ethylene production inched up 2.9%. Meanwhile, crude oil processing fell 5.7%, steel output decreased 7.8%, and automobile production dropped 13.2%, although new energy vehicle output climbed 29.4%.

Fixed-Asset Investment Declines, Primary Sector Investment Grows

Provincial fixed-asset investment plummeted 31.9% year-on-year during the January-July period. By industry, primary sector investment expanded 3.0%, while secondary and tertiary sector investments contracted by 32.6% and 33.1%, respectively. Infrastructure investment fell 31.1%, manufacturing investment decreased 32.6%, and real estate development investment dropped 36.0%.

Retail Sales Narrow Decline, Green and Upgraded Products Surge

Total retail sales of consumer goods reached 589.65 billion yuan, a 1.4% decrease year-on-year, with the decline narrowing by 0.4 percentage points compared to the first half of the year. Sales of essential goods remained stable, with beverages up 7.3%, grain, oil, and food up 5.1%, and clothing, footwear, hats, and textiles also rising 5.1%. Green and intelligent products saw explosive growth: wearable smart device sales multiplied 5.4-fold, energy-efficient home appliances (rated level 1 and 2) jumped 73.5%, new energy vehicle sales grew 14.6%, and smartphone sales increased 12.5%. Upgraded consumer goods also performed well, with sports and entertainment items up 27.3%, cosmetics rising 11.4%, communication equipment gaining 10.6%, and cultural and office supplies increasing 9.9%. Conversely, sales of petroleum products fell 4.8%, and automobiles declined 15.2%.

Imports and Exports Rise Steadily, Outbound Shipments Accelerate

According to customs statistics, the province's total goods trade reached 460.43 billion yuan in the first seven months, up 5.2% year-on-year. Exports grew 12.2% to 263.48 billion yuan, while imports decreased 2.9% to 196.95 billion yuan. Agricultural exports totaled 21.5 billion yuan, up 14.0%. Mechanical and electrical product exports reached 140.51 billion yuan, a rise of 18.6%, including ships (37.5 billion yuan, up 1.8-fold), electronic components (16.2 billion yuan, up 7.4%), electrical equipment (12.27 billion yuan, up 7.3%), and auto parts (9.37 billion yuan, up 10.3%). Automobile exports, including chassis, amounted to 5.97 billion yuan, up 17.8%. High-tech product exports increased 1.5% to 30.15 billion yuan, with electronic technology products rising 8.2% to 16.06 billion yuan.

Consumer Prices Edge Up Moderately, Producer Prices Rise

The province's Consumer Price Index (CPI) rose 1.1% year-on-year during January-July, with urban areas up 1.2% and rural areas up 0.6%. By category, food, tobacco, alcohol, and dining out increased 0.2%, clothing rose 0.6%, housing slipped 0.1%, household goods and services gained 1.0%, transportation and communication climbed 1.8%, education, culture, and entertainment rose 0.7%, healthcare increased 1.3%, and other goods and services surged 14.3%. Meanwhile, the Producer Price Index (PPI) rose 1.1%, and the Producer Purchase Price Index (IPI) for industrial producers increased 1.0%.