The industry economic operation report just released by the China Petroleum and Chemical Industry Federation shows that from January to November, the total import and export trade volume of the industry reached US$ 551.8 billion, an increase of 33.6% year-on-year. Among them, the import of 394.9 billion US dollars, an increase of 35.3%; exports of 156.9 billion US dollars, an increase of 29.4%. The cumulative deficit reached 238 billion U.S. dollars, a year-on-year increase of 39.5%. It is worth noting that the chemical trade deficit data is not only higher than the total increase in import and export trade over the same period, but also 6 percentage points higher than in the first quarter. According to the data released by the China Petrochemical Federation, in recent months, the trade deficit of China's oil and chemical industries has remained high and has gradually increased. In the first quarter, the industry’s trade deficit was US$62.569 billion, a year-on-year increase of 33.5%. From January to August, the deficit was US$169.779 billion, which was a year-on-year increase of 37%. In the first nine months, the expansion of trade deficit data narrowed slightly. 36.1%. But then it increased further. From January to October, the industry’s trade deficit reached US$13.6 billion, an increase of 39% year-on-year; from January to November, the deficit was US$238 billion, which further expanded to 39.5% year-on-year. At the same time, the overall increase in the total import and export trade of China's petroleum and chemical industries is relatively balanced. In the first quarter, the total import and export trade volume of the industry reached US$136.956 billion, an increase of 32% year-on-year; from January to August, the total import and export trade of the industry was US$397.452 billion, an increase of 34.2% year-on-year; from January to September, the entire industry imported and exported Total trade volume was 450.09 billion U.S. dollars, a year-on-year growth of 33.5%. In the first 10 months, the total import and export volume of the industry reached USD 498.3 billion, an increase of 34.4% year-on-year. In the first 11 months, the industry's import and export trade totaled 55.18 billion U.S. dollars, an increase of 33.6% year-on-year. In terms of magnitude, the extent of the industry's import and export trade deficit has expanded beyond the growth rate of total imports and exports during the same period. Industry experts said that the irrational industrial structure is the main reason for the further expansion of the trade deficit between China's petroleum and chemical industries. At present, the export of chemical products in China is still dominated by low-tech and low-value middle and low-end products and resource-based products. The export prices are low, while the imported products are made of high-grade synthetic resins and synthetic fiber monomers and other high-tech products. The main and import prices are relatively high, thus creating a huge trade deficit. To change this situation, the most important thing is to adjust the structure of export products, develop deep-processing chemical products, and reduce the export of resource-based products and primary chemical products. Steel Tree Grating,Tree Pool Perforated Strainer,Tree Perforated Strainer,Custom Steel Tree Grating Wuxi Sixleaf Machinery Co. LTD , https://www.wuxisixleafmachine.com
China's chemical trade deficit is expanding