According to the latest statistics from the China Petroleum and Chemical Industry Federation, in August, the economy of the petroleum and chemical industries showed signs of stabilizing. The growth rate of the industrial output value and the total amount of chemicals has been accelerating, prices have stabilized, and the demand for chemical products has increased. However, the economic downturn has not yet fundamentally reversed, and the external market situation is grim. From January to August, the industry’s total output value was 7.85 trillion yuan, an increase of 10.4% year-on-year; completed fixed asset investment was 1.06 trillion yuan, an increase of 28.9%; total import and export volume was 420.497 billion US dollars, an increase of 5.8%. From January to July, the total profit of the industry was 407.37 billion yuan, a year-on-year decrease of 16.3%.
In August, the petrochemical industry showed signs of stabilizing. Specifically in:
First, the increase in output value accelerated. Statistics show that as of the end of August, the total output value of the oil and chemical industry in the month was 98.50 billion yuan, a year-on-year increase of 5.9%, and the growth rate was 1.7 percentage points higher than that of the previous month. From January to August, the cumulative total output value was 7.85 trillion yuan, a year-on-year increase of 10.4%. In the first 8 months, the industry added value increased by 7.6% year-on-year.
Second, the overall product growth has been accelerated overall. From January to August, the country’s crude oil and natural gas output was approximately 200 million tons of oil equivalent, an increase of 1.4% year-on-year; the total amount of major chemicals was approximately 304 million tons, an increase of 8.6% year-on-year, and the growth rate was 0.4 percentage points higher than that of January-July. It accelerated for the first time after months of slowing.
Third, investment growth has slowed down. From January to August, the investment in fixed assets of the petroleum and chemical industries was 1.06 trillion yuan, a year-on-year increase of 28.9%. The growth rate was 10 percentage points higher than the same period of last year and 2 percentage points lower than the first seven months of the year.
Fourth, the decline in import and export trade has accelerated. In August, the total import and export volume of the petroleum and chemical industries was 47.999 billion U.S. dollars, a year-on-year decrease of 11.3%.
The fifth is the slowdown in energy demand and the recovery of chemicals. From January to August, the apparent consumption of China's oil and natural gas was 387 million tons (oil equivalent), an increase of 5.5% year-on-year; the apparent total consumption of major chemicals was approximately 290 million tons, an increase of 8.8%.
Sixth, benefits continue to deteriorate. From January to July, the profit of the oil and gas exploitation industry was the first negative growth. The profits of the chemical industry continued to drop sharply, and the refining losses continued to expand.
At the same time, in August, the prices of the industry declined and the market showed signs of stabilizing. In August, the total price level of the oil and chemical industries fell by 4.0% year-on-year, only 0.4 percentage points higher than the previous month, showing signs of stabilizing.
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