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In July, the industry achieved a total output value of 713.44 billion yuan, a year-on-year increase of 24.4%, and the growth rate was 7.2 percentage points lower than the previous month. This was mainly due to the price factor. Both the oil and gas exploration and oil refining industries experienced substantial price increases during the month. From January to July, the industry's total output value was 4.81 trillion yuan, an increase of 38.2% year-on-year, of which output value of new products was 263.2 billion yuan, an increase of 49.2% year-on-year.
The increase in output of major products declined. In July, although the output of major domestic petrochemical products continued to maintain rapid growth, the increase in the output of most products fell compared with the previous month. The output of 78 (species) key petrochemical and related products tracked by the China Petroleum and Chemical Industry Federation showed that there were 61 (species) products that had grown and remained flat compared to the same period last year, a decrease of 5 species from the previous month, and a decrease of 17 species (species). Five kinds were added last month. At the same time, the increase in the price of the industry narrowed, and production and sales were basically smooth.
In July, the export value of the whole industry was 38.21 billion yuan, an increase of 25% over the same period of last year, and the increase rate was down 3.8 percentage points from the previous month. Investment across the industry remained stable. From January to July, the accumulated investment of the industry was 597.694 billion yuan, an increase of 16% year-on-year, and the growth rate was 2.5 percentage points higher than the same period of last year. Among them, the investment in some sub-sectors, such as chemical mining, synthetic material manufacturing, inorganic salt manufacturing, phosphate fertilizers, dye manufacturing, and rubber products, has increased significantly, exceeding the average increase in industrial investment.
It is predicted that the industry's total output value in the third quarter will increase by about 24% year-on-year. The growth rate of the consumption of major products will obviously slow down. In general, the petrochemical market in the third quarter will be dominated by stable operations, and short-term and local fluctuations may occur.
Petrochemical industry has a good economic situation
On August 23, the industry economic operation report released by the China Petroleum and Chemical Industry Federation showed that in July, the overall economic performance of the oil and chemical industry was good. Production continues to maintain rapid growth; market supply is relatively abundant; investment in the industry maintains steady growth. However, the growth rate of production and exports has slowed down significantly, and the increase in market prices has narrowed. Under the pressure of rising raw material prices and rising costs, the operating difficulties of some enterprises have increased significantly.