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The China Petroleum and Chemical Industry Federation recently announced the May industry-wide economic operation report.
The report shows that the economic operation of the petroleum and chemical industries continued to be stable in May.
The production of oil and gas and major chemicals across the country accelerated, investment maintained rapid growth, and consumption growth was stable.
However, downward pressure on the economic operation of the industry has increased, market differentiation and turbulence have intensified, costs have been operating at high levels, and benefits have not yet fundamentally improved.
From the perspective of the completion of major economic indicators, from January to May, the added value of the petroleum and chemical industry increased by 4.
4% year-on-year; operating income was 5.
01 trillion yuan, an increase of 2.
6%; total profits were 303.
64 billion yuan, a decrease of 16.
3%; total imports and exports were 299.
45 billion US dollars, an increase of 2.
1%; the national total oil and gas production was 145 million tons (oil equivalent), an increase of 4.
6%; the total output of major chemicals increased by about 3.
6%.
It is worth noting that the growth of investment in the chemical industry accelerated in the first five months.
According to data from the National Bureau of Statistics, from January to May, fixed asset investment in the chemical raw materials and chemical products manufacturing industry increased by 7.
4% year-on-year, an increase of 1.
9 percentage points from January to April, and the growth rate continued to be ahead of the national industrial investment average.
In May, the growth rate of foreign trade in the petroleum and chemical industries slowed down, and the total import and export trade volume fell for the first time in more than two years.
According to customs data, the total import and export volume of the whole industry in the month was US$62.
47 billion, a year-on-year decrease of 4.
4%.
Among them, the total export value was US$19.
77 billion, down 5.
6%; the total import value was US$42.
7 billion, down 3.
9%; the trade deficit was US$22.
92 billion, down 2.
3% year-on-year.
From the perspective of industry benefits, the industry-wide profit decline continued to narrow in May.
Data show that from January to May, the petroleum and chemical industry achieved a total profit of 303.
64 billion yuan, a year-on-year decrease of 16.
3%, and the rate of decline narrowed by 1.
3 percentage points from January to April.
Among them, the benefits of the oil and natural gas extraction industry maintained a good momentum; the benefits of the oil refining industry continued to decline sharply; the benefits of the chemical industry were generally stable, and the profit decline narrowed.
The report shows that the economic operation of the petroleum and chemical industries continued to be stable in May.
The production of oil and gas and major chemicals across the country accelerated, investment maintained rapid growth, and consumption growth was stable.
However, downward pressure on the economic operation of the industry has increased, market differentiation and turbulence have intensified, costs have been operating at high levels, and benefits have not yet fundamentally improved.
From the perspective of the completion of major economic indicators, from January to May, the added value of the petroleum and chemical industry increased by 4.
4% year-on-year; operating income was 5.
01 trillion yuan, an increase of 2.
6%; total profits were 303.
64 billion yuan, a decrease of 16.
3%; total imports and exports were 299.
45 billion US dollars, an increase of 2.
1%; the national total oil and gas production was 145 million tons (oil equivalent), an increase of 4.
6%; the total output of major chemicals increased by about 3.
6%.
It is worth noting that the growth of investment in the chemical industry accelerated in the first five months.
According to data from the National Bureau of Statistics, from January to May, fixed asset investment in the chemical raw materials and chemical products manufacturing industry increased by 7.
4% year-on-year, an increase of 1.
9 percentage points from January to April, and the growth rate continued to be ahead of the national industrial investment average.
In May, the growth rate of foreign trade in the petroleum and chemical industries slowed down, and the total import and export trade volume fell for the first time in more than two years.
According to customs data, the total import and export volume of the whole industry in the month was US$62.
47 billion, a year-on-year decrease of 4.
4%.
Among them, the total export value was US$19.
77 billion, down 5.
6%; the total import value was US$42.
7 billion, down 3.
9%; the trade deficit was US$22.
92 billion, down 2.
3% year-on-year.
From the perspective of industry benefits, the industry-wide profit decline continued to narrow in May.
Data show that from January to May, the petroleum and chemical industry achieved a total profit of 303.
64 billion yuan, a year-on-year decrease of 16.
3%, and the rate of decline narrowed by 1.
3 percentage points from January to April.
Among them, the benefits of the oil and natural gas extraction industry maintained a good momentum; the benefits of the oil refining industry continued to decline sharply; the benefits of the chemical industry were generally stable, and the profit decline narrowed.
