China's petrochemical industry has not undergone major changes in its economic operation fundamentals

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The China Petroleum and Chemical Industry Federation recently announced the first four months of this year, the oil and chemical industry economic operation report shows that the petrochemical industry economic growth continues to fall, the downward pressure increases, but the fundamentals of economic operation has not yet undergone major changes. The production of the main products remained stable, the market demand remained basically stable, the price increase continued to fall, the industry benefit declined, and the investment continued to grow rapidly.

Data from the National Bureau of Statistics shows that as of the end of April, the total output value of the petrochemical industry was 3.81 trillion yuan, an increase of 14.7% year-on-year, an increase of 1.4 percentage points from January to March; the value-added of the industry increased by 8.4% year-on-year, and the increase rate was lower than that from January to March. 0.3 percentage points. In April, the economic growth rate of the industry fell more than expected, and the downward pressure increased significantly. However, the fundamentals of the industry's economic operation have not yet undergone major changes, and growth is still in a moderately slow range.

The growth of major products is basically stable. From January to April, the output of crude oil and natural gas in the country was 1.01 million tons of oil equivalent, which was a year-on-year increase of 1.5%, and the growth rate was 0.2% slower from January to March; the total output of major chemicals was 147 million tons, an increase of 9.4% year-on-year, an increase rate of 1 to 1 March rose 0.2 percentage points.

Investment growth continues to accelerate. From January to April, the fixed assets investment in the petrochemical industry was 371.506 billion yuan, a year-on-year increase of 28.4%, and the growth rate was 2.5 percentage points higher than the previous three months. The growth of foreign trade further declined, the growth rate of imports slowed, and the decline in exports increased. From January to April, the total import and export volume of the entire industry was 211.71 billion U.S. dollars, an increase of 12.3% year-on-year, an increase of 4 percentage points from January to March. Among them, the import of 158.222 billion US dollars, an increase of 15.3%; exports of 53.488 billion US dollars, an increase of 4.2%.

At the same time, the decline in efficiency has slowed. From January to March, the total profit of the petrochemical industry was 172.48 billion yuan, a year-on-year drop of 15%, and the decrease was 7 percentage points lower than that of January-February. In spite of this, the cost of the industry continued to run at a high level, and the losses of loss-making enterprises kept a large increase, and the business environment of the enterprises was still severe.

The report pointed out that the current world economy continues to recover weakly, the downward pressure on the domestic economy has increased, and the requirements for steady growth have been highlighted. It is expected that from May to June, there will be little space for the industry to continue to decline; however, due to factors such as the complicated and changing international economic environment, there is little possibility that the industry will rebound quickly. If domestic macroeconomic policies are stable, the industry operation is expected to slowly pick up. It is initially estimated that the total industrial output value and added value in the second quarter will increase by 16% and 8.5% respectively over the same period last year.

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