China's petroleum and chemical industry economy continues to slow
According to the latest statistics released by the China Petroleum and Chemical Industry Federation, in May, the oil and chemical industry economy continued to slow and the downward pressure further increased. However, the fundamentals of economic operation have not yet fundamentally changed, and the power to stabilize economic growth is being Accumulation, the economic slowdown significantly slowed.
Industry investment maintained rapid growth, import and export growth accelerated, and overall demand growth remained stable. Prices of bulk commodities and raw materials fell, and the rising trend of costs eased; structural adjustment made positive progress.
The current economic operation of the industry presents the following features:
The economic slowdown has clearly slowed. National Bureau of Statistics data show that from January to May, the industry output value of 4.8 trillion yuan, an increase of 13.1% year on year, an increase of 1.6% from January to April; industry growth value of 8% year-on-year increase in the rate of decline from January to April 0.4%.
The overall product growth slowed down overall. From January to May, the country’s crude oil and natural gas production was approximately 126 million tons of oil equivalent, which was a year-on-year increase of 1.5%, and the growth rate was unchanged from January to April; the total amount of main chemicals was approximately 188 million tons, an increase of 8.8% from the previous year, and the increase rate was 1-4. It dropped 0.6%.
Investment growth continues to accelerate. From January to May, the investment in fixed assets of the oil and chemical industry was 537.39 billion yuan, a year-on-year increase of 28.8%, and the growth rate was 8.1 percentage points higher than the same period of last year.
Foreign trade ended the decline for two consecutive months. According to statistics, in May, the total import and export volume of the petroleum and chemical industries was US$58.529 billion, which exceeded the total amount in March this year and reached a record high, with a year-on-year increase of 11.2%. From January to May, the total import and export volume of the industry was 270.239 billion U.S. dollars, an increase of 12% year-on-year.
The overall market demand has grown steadily. Data show that from January to May, the apparent consumption of China's oil and natural gas reached 262 million tons (oil equivalent), an increase of 7.3% year-on-year; the apparent total consumption of major chemicals was approximately 180 million tons, an increase of 9.1%.
Benefits continue to decline. What deserves special attention is that the profits of the chemical industry have continued to drop sharply, and the refining losses have increased. The business environment of the enterprises is still severe.
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