The economic operation report released by the China Petroleum and Chemical Industry Federation yesterday showed that in October, the economic growth of the oil and chemical industries slowed somewhat, but it still maintained a steady and rapid growth. The overall performance of the industry was stable, and oil refining turned profitable; the market demand for petroleum and chemical products steadily slowed down, and the overall price level fell slightly; investment growth accelerated.

In October, the total output value of enterprises above designated size in the petrochemical industry reached 979.24 billion yuan, a year-on-year increase of 27.3%, a decrease of 5.7 percentage points from the previous month, and fell back below 30% for the first time this year. From January to October, the total output value of the petrochemical industry reached 9.22 trillion yuan, a year-on-year increase of 33.8%, accounting for 13.3% of the country's total industrial output value over the same period. Although the economic growth rate of the industry in October was relatively slow, it was still relatively fast; the slowdown was the result of the government's active regulation. Among them, the chemical industry grew rapidly. In October, the chemical industry output value was 588.71 billion yuan, an increase of 31.1% year-on-year, and the growth rate decreased by 5.3 percentage points from the previous month and a decrease of 2.3% from the previous month.

In October, the total output of major chemical products continued to grow rapidly. Among them, soda ash, methanol, pure benzene, agrochemicals, oil drilling equipment, chemical reagents, tires and other products have shown strong growth. Data show that from January to October, the total amount of major chemicals in China reached 345 million tons, an increase of 12.9% over the same period of last year, an increase of 0.1 percentage points from January to September.

In addition, the steady increase in investment has accelerated. In October, the total investment in the industry was 139.616 billion yuan, an increase of 26% year-on-year and an increase of 8.3%. The import and export trade reached a record high. From January to October, the total import and export volume of the petrochemical industry reached US$498.3 billion, an increase of 34.4% year-on-year, and the growth rate was 1.9 percentage points higher than that in the first half of the year.

From the perspective of benefits, in September, the efficiency of the petrochemical industry increased significantly, and the growth rate of profits accelerated markedly. The trend of continuous decline was initially contained. For the first time in four months after the loss of the refining sector, the first profit is the biggest highlight of the month. According to statistics, from January to September, the total profit of enterprises above designated size in the industry was 618.52 billion yuan, a year-on-year increase of 29.8%, an increase of 0.4 percentage points over 1-8.

In spite of this, although the refinery industry is weakly profitable, it is very fragile. Once the international oil price rises rapidly, refinery may reappear losses. The economic slowdown at home and abroad continues to increase pressure on the petrochemical industry.

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