According to the latest analysis report of the China Petroleum and Chemical Industry Association, the pace of economic recovery in the oil and chemical industry further accelerated in October, the output value continued to rise sharply, the output increased rapidly, and the operating rate of some industries improved; the demand for major petrochemical products continued to pick up, and prices remained stable. The investment in the chemical industry continued to grow rapidly; the decline in foreign trade continued to shrink.
——The pace of recovery in industrial output further accelerated. In October, the total output value of the oil and chemical industry in the country (current price, the same below) was 612.17 billion yuan, and remained at 610 billion yuan or more for the second consecutive month, an increase of 9.9% year-on-year, which was faster than the previous month. Accelerated by 6.6 percentage points. Among them, the chemical industry output value of 356.91 billion yuan, an increase of 21.2%, an acceleration of 9.3% over the previous month; oil and natural gas extraction industry output value of 69.61 billion yuan, a year-on-year decrease of 16.6%, a reduction of 7.1 percentage points from the previous month; refining industry output value 1715.7 Billion yuan, a year-on-year increase of 5.1%, an increase of 3.9 percentage points from the previous month. From January to October, the total output value of the oil and chemical industry reached 5.29 trillion yuan, a year-on-year drop of 6%, a decrease of 1.9 percentage points from January to September, and the pace of recovery continued to accelerate.
——The output of most products continued to grow rapidly In October, in the production of more than 60 kinds of (class) petroleum and chemical products that the Association focused on tracking, the year-on-year increase accounted for 88.7%, the decrease was 11.3%, and the growth rate exceeded 70% to reach 74.2. %, continue to maintain the momentum of rapid growth. Among them, crude oil output was 16.225 million tons, a year-on-year decrease of 1.8%, which was one of the major declines in the number of products; natural gas production was 7.19 billion cubic meters, an increase of 10.2% year-on-year; crude oil processing volume was 33.286 million tons, a record high in the year, a year-on-year increase of 10.4%. The output of refined oil (gas, coal, and diesel, the same below) was 20.434 million tons, an increase of 9.4%; ethylene production was 1.004 million tons, exceeded the 1 million tons for the second consecutive month, an increase of 19%; and chemical fertilizer production was 5.513 million tons. , a year-on-year increase of 20.8%; pesticide production of 169,000 tons, an increase of 26.8%; tire production 59.023 million, an increase of 19.5%. In addition, the output of synthetic resin in October increased by 29.7% year-on-year, the output of synthetic rubber increased by 9.6% year-on-year, the production of synthetic fiber monomer and polymer increased by 17% year-on-year, and that of paints, pigments, and dyes increased by 23.4%, 52.5%, and 41.7%, respectively. In October, the start-up rate of ethylene plants reached 100%, the overall operating rate of synthetic resin plants exceeded 95%, and the operating rates of oil refining and sulfuric acid industries all rebounded.
——The price and sales ratio continued to rebound. The analysis results of more than 1,000 kinds of petrochemical price indexes released by the National Bureau of Statistics showed that the overall price level of the oil and chemical industries continued to rise in October, and the total industry price index was 88.06 points (the same month of the previous year was 100 calculations, the same below), up 2.26 points over September. Among them, the chemical industry price index was 85.69 points, up 1.85 points from the previous month; the crude oil and natural gas exploration industry price index continued to rise sharply, up 6.78 points from the previous month, reaching 76.59 points. The production and sales rate of petroleum and chemical products in October was 99.4%, up 2.1 percentage points year-on-year. Among them, the production and sales rate of products in the chemical industry was 97.6%, an increase of 1.3 percentage points year-on-year.
——Industrial investment continued to grow rapidly In October, investment across the industry continued to grow rapidly, but investment growth continued to slow. According to statistics, from January to October, the total investment in fixed assets of the petroleum and chemical industry in the country was 769.953 billion yuan, a year-on-year increase of 10.66%, and a cumulative slowdown of 0.9% from January to September. In terms of sub-sectors, the investment in the chemical industry accounted for 66.8% of the total investment in the industry, an increase of 26.6% year-on-year, 1.4 percentage points slower than the period from January to September. Among them, the phosphate fertilizer industry increased by 74.3%, the mixed fertilizer industry increased by 54.4%, the pesticide industry increased by 31.5%, the paint and pigments industry increased by 36.6%, the specialty chemicals manufacturing increased by 36.4%, the synthetic materials industry increased by 29.2%, and the rubber products industry increased by 31.7% . The investment in the oil and gas exploration industry and the refining industry continued to decline, dropping by 14.9% and 14.4% year-on-year respectively.
- The decline in exports continues to shrink Statistics show that the decline in the export delivery value of the petroleum and chemical industries in October significantly reduced, indicating that the external demand environment has improved. The monthly export delivery value reached 33.28 billion yuan, hitting a new high during the year, a year-on-year decrease of 7.6%, which was 6.9 percentage points less than the previous month. From January to October, the export value of the entire industry was 291.85 billion yuan, a year-on-year decrease of 19.8%, a cumulative decrease of 1.1 percentage points from the previous month. Among them, the export value of the chemical industry was 243.118 billion yuan, a year-on-year decrease of 19.3%.
However, there are also some problems in the economic operation of the petroleum and chemical industries that need attention. First, the chemical market continued to slump, and the problem of overcapacity became more pronounced. Second, investment continued to decline, and the effect was slow. Third, the export situation of the industry remained severe, and some products were subject to large import shocks.
——The pace of recovery in industrial output further accelerated. In October, the total output value of the oil and chemical industry in the country (current price, the same below) was 612.17 billion yuan, and remained at 610 billion yuan or more for the second consecutive month, an increase of 9.9% year-on-year, which was faster than the previous month. Accelerated by 6.6 percentage points. Among them, the chemical industry output value of 356.91 billion yuan, an increase of 21.2%, an acceleration of 9.3% over the previous month; oil and natural gas extraction industry output value of 69.61 billion yuan, a year-on-year decrease of 16.6%, a reduction of 7.1 percentage points from the previous month; refining industry output value 1715.7 Billion yuan, a year-on-year increase of 5.1%, an increase of 3.9 percentage points from the previous month. From January to October, the total output value of the oil and chemical industry reached 5.29 trillion yuan, a year-on-year drop of 6%, a decrease of 1.9 percentage points from January to September, and the pace of recovery continued to accelerate.
——The output of most products continued to grow rapidly In October, in the production of more than 60 kinds of (class) petroleum and chemical products that the Association focused on tracking, the year-on-year increase accounted for 88.7%, the decrease was 11.3%, and the growth rate exceeded 70% to reach 74.2. %, continue to maintain the momentum of rapid growth. Among them, crude oil output was 16.225 million tons, a year-on-year decrease of 1.8%, which was one of the major declines in the number of products; natural gas production was 7.19 billion cubic meters, an increase of 10.2% year-on-year; crude oil processing volume was 33.286 million tons, a record high in the year, a year-on-year increase of 10.4%. The output of refined oil (gas, coal, and diesel, the same below) was 20.434 million tons, an increase of 9.4%; ethylene production was 1.004 million tons, exceeded the 1 million tons for the second consecutive month, an increase of 19%; and chemical fertilizer production was 5.513 million tons. , a year-on-year increase of 20.8%; pesticide production of 169,000 tons, an increase of 26.8%; tire production 59.023 million, an increase of 19.5%. In addition, the output of synthetic resin in October increased by 29.7% year-on-year, the output of synthetic rubber increased by 9.6% year-on-year, the production of synthetic fiber monomer and polymer increased by 17% year-on-year, and that of paints, pigments, and dyes increased by 23.4%, 52.5%, and 41.7%, respectively. In October, the start-up rate of ethylene plants reached 100%, the overall operating rate of synthetic resin plants exceeded 95%, and the operating rates of oil refining and sulfuric acid industries all rebounded.
——The price and sales ratio continued to rebound. The analysis results of more than 1,000 kinds of petrochemical price indexes released by the National Bureau of Statistics showed that the overall price level of the oil and chemical industries continued to rise in October, and the total industry price index was 88.06 points (the same month of the previous year was 100 calculations, the same below), up 2.26 points over September. Among them, the chemical industry price index was 85.69 points, up 1.85 points from the previous month; the crude oil and natural gas exploration industry price index continued to rise sharply, up 6.78 points from the previous month, reaching 76.59 points. The production and sales rate of petroleum and chemical products in October was 99.4%, up 2.1 percentage points year-on-year. Among them, the production and sales rate of products in the chemical industry was 97.6%, an increase of 1.3 percentage points year-on-year.
——Industrial investment continued to grow rapidly In October, investment across the industry continued to grow rapidly, but investment growth continued to slow. According to statistics, from January to October, the total investment in fixed assets of the petroleum and chemical industry in the country was 769.953 billion yuan, a year-on-year increase of 10.66%, and a cumulative slowdown of 0.9% from January to September. In terms of sub-sectors, the investment in the chemical industry accounted for 66.8% of the total investment in the industry, an increase of 26.6% year-on-year, 1.4 percentage points slower than the period from January to September. Among them, the phosphate fertilizer industry increased by 74.3%, the mixed fertilizer industry increased by 54.4%, the pesticide industry increased by 31.5%, the paint and pigments industry increased by 36.6%, the specialty chemicals manufacturing increased by 36.4%, the synthetic materials industry increased by 29.2%, and the rubber products industry increased by 31.7% . The investment in the oil and gas exploration industry and the refining industry continued to decline, dropping by 14.9% and 14.4% year-on-year respectively.
- The decline in exports continues to shrink Statistics show that the decline in the export delivery value of the petroleum and chemical industries in October significantly reduced, indicating that the external demand environment has improved. The monthly export delivery value reached 33.28 billion yuan, hitting a new high during the year, a year-on-year decrease of 7.6%, which was 6.9 percentage points less than the previous month. From January to October, the export value of the entire industry was 291.85 billion yuan, a year-on-year decrease of 19.8%, a cumulative decrease of 1.1 percentage points from the previous month. Among them, the export value of the chemical industry was 243.118 billion yuan, a year-on-year decrease of 19.3%.
However, there are also some problems in the economic operation of the petroleum and chemical industries that need attention. First, the chemical market continued to slump, and the problem of overcapacity became more pronounced. Second, investment continued to decline, and the effect was slow. Third, the export situation of the industry remained severe, and some products were subject to large import shocks.