Shanghai April industrial output plunges 61.5% y/y - local stats bureau

BY Reuters | ECONOMIC | 05/20/22 12:04 AM EDT

BEIJING, May 20 (Reuters) - Output of Shanghai's industries, located at the heart of manufacturing in the Yangtze River Delta, shrank 61.5% in April from a year earlier, the local statistics bureau said on Friday, slammed by a city-wide COVID lockdown.

That compared with a 7.5% drop in March.

Shanghai, where plants of companies including Tesla and Semiconductor Manufacturing International Corp are based, accounts for 30% of China's key auto components manufacturing and 40% of chipmaking capacity. (Reporting by Ellen Zhang and Ryan Woo; Editing by Jacqueline Wong)

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