US manufacturing orders in China drop 40% amid COVID-19 lockdowns: report
Apple is reportedly planning to shift production from China to elsewhere in Asia
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U.S. demand in China's manufacturing industry has reportedly dropped sharply as the country continues to grapple with COVID-19 lockdowns.
Some U.S. companies have signaled plans to shift away from China. Apple is planning to pivot some production elsewhere in Asia, such as India and Vietnam, the Wall Street Journal reported on Saturday.
A worker on the assembly line at the Shanghai Sany Heavy Machinery Co. facility in the Lingang Special Area and Comprehensive Zone in Shanghai, China, on Thursday, Aug. 25, 2022. (Qilai Shen/Bloomberg via Getty Images / Getty Images)
U.S. manufacturing orders in China are down 40%, according to the CNBC Supply Chain Heat Map.
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China's manufacturing purchasing managers' index, which measures the performance of the country's manufacturing industry, came in at 48.0 in November, the lowest reading in seven months, according to the country's National Bureau of Statistics.
Meanwhile, China's non-manufacturing PMI, which reflects business sentiment in the country's service and construction industry, dropped from 48.7 in October to 46.7 in November.
In this photo provided Nov 23, 2022, protesters face off against security personnel in white protective clothing at the factory compound operated by Foxconn Technology Group who runs the world's biggest Apple iPhone factory in Zhengzhou in central Ch (Associated Press / AP Images)
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AAPL | APPLE INC. | 220.73 | +2.46 | +1.13% |
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China has stuck by its zero-COVID policy amid a rise in COVID-19 cases in recent weeks.
The latest round of lockdowns sparked protests throughout the country, with hundreds of workers demonstrating this week in Zhengzhou at the flagship factory of manufacturer Foxconn, which serves as Apple's main subcontractor in China.
Reuters contributed to this report.