Hong Kong PMI fell in July

Economics Research 5 August 2026 | 9:13AM HKT

Bottom line: Andrew Tilton | The S&P Global Hong Kong PMI (which covers the manufacturing, construction, Goldman Sachs (Asia) L.L.C.

wholesale, retail and services sectors) fell from 52.0 in June to 51.0 in July. Among Hui Shan | the major components of the PMI, the largest decline in July came from the Goldman Sachs (Asia) L.L.C.

inventory sub-index. External demand softened somewhat, while margin pressure in Xinquan Chen | downstream sectors improved somewhat in July. Goldman Sachs (Asia) L.L.C.

Key numbers: Chelsea Song | S&P Global Hong Kong PMI: 51.0 in July, vs. 52.0 in June Goldman Sachs (Asia) L.L.C.

1. The S&P Global Hong Kong PMI fell from 52.0 in June to 51.0 in July. Among the major components of the PMI, the largest decline in July came from the inventory sub-index (47.5 vs. 51.7 in June). S&P Global commented that muted demand conditions led firms to lower their purchasing activity and streamline their inventories. The new order sub-index fell to 52.0 in July (vs. 53.2 in June), and the employment index fell to 48.4 (vs. 49.4 in June). The supply delivery sub-index increased to 48.5 (vs. 47.8 in June), indicating faster deliveries, which mechanically lowered the headline reading. The output sub-index inched up to 52.8 in July (vs. 52.7 in June).

2. External demand softened somewhat in July. The new export orders sub-index fell to 50.0 in July (vs. 51.8 in June). The “new business from China” sub-index remained the same at 52.1 in July.

3. Margin pressure on downstream sectors improved somewhat in July. The input price sub-index fell to 54.6 (vs. 55.3 in June), but remained elevated. The labor cost sub-index fell to 51.3 (vs. 52.4 in June). The output price sub-index inched down to 51.9 (vs. 52.1 in June), with some firms mentioning that they had cut their selling prices to help stimulate sales.

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Index Index 60 60 Hong Kong S&P Global PMI