China's petrochemical industry operates steadily but instability still exists
In the first two months, the economic operation of the petrochemical industry was basically stable. The overall production is relatively active, and the economic growth rate continues to slow down; the increase in the overall price level continues to fall; the market supply and demand remain stable; the investment growth rate is accelerating; and the import and export trade achieve rapid growth.
As of the end of February, there were 26,647 large-scale enterprises in the petrochemical industry with a cumulative total output value of 1.73 trillion yuan, a year-on-year increase of 16.3%, a decrease of 16.6 percentage points from the same period of last year. Among them, in February the industry's total output value of 902.597 billion yuan, an increase of 23.3%.
The growth of energy production slowed down, and the output of major chemical products continued to grow rapidly. From January to February, the country’s total output of major chemicals was about 71.43 million tons, a year-on-year increase of 13.4%, a slight increase over the previous year. Among them, fertilizers, pesticides, methanol, calcium carbide, coatings, synthetic fiber polymers and other products have experienced strong growth. Crude oil production declined and natural gas remained stable. During the same period, the growth of energy consumption continued to slow down, but the overall growth rate of major chemical consumption was relatively strong.
In terms of investment, investment growth accelerated overall. From January to February, the fixed asset investment in the petrochemical industry was 94.474 billion yuan, a year-on-year increase of 25.5%. Among them, chemical industry investment was 71.046 billion yuan, an increase of 29.5%; petroleum processing industry investment was 10.299 billion yuan, an increase of 36.6%; oil and gas exploration industry investment was 10.03 billion yuan, a year-on-year decrease of 5.5%; special equipment manufacturing investment was 3.098 billion yuan, a year-on-year increase. 37.3%.
The import and export trade achieved rapid growth. From January to February, the total volume of import and export trade of the industry was 101.334 billion U.S. dollars, a year-on-year increase of 20.4%, much higher than the national average of 7.3% over the same period. Of these, imports were US$76.093 billion, up 22.6%; exports were US$25.241 billion, up 14%.
Although the economy of the industry is basically stable, there are still many uncertainties and uncertainties in it. Market fluctuations, slower demand expansion, and lack of new support. The world's economic growth is sluggish, and the domestic macro-economic growth rate continues to slow down, all of which test the operation and development of the industry. According to the analysis, the current increase in the output value of the industry has basically been put in place, and there is little room for continued narrowing; future growth will tend to be stable and gradually accelerate.
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