Manufacturing prices of chemical raw materials and products fell 9.9 per cent year on year in April and 1.1 per cent month on month

According to the data of the National Bureau of Statistics (NBS) on May 11, the national PPI (producer price index) for April 2023 showed that in April, due to the fluctuation of international commodity prices, the overall weak demand at home and abroad and the high comparison base of the same period last year, the PPI fell by 0.5% month-on-month and 3.6% year-on-year. The purchasing prices of industrial producers fell 3.8 percent year-on-year and 0.7 percent month-on-month.

The data showed that the prices of chemical raw materials and chemical products manufacturing fell 9.9% year-on-year in April and 1.1% month-on-month. Oil and gas extraction prices fell 16.3 percent year on year and rose 0.5 percent month on month; Prices of oil, coal and other fuel processing industries fell 11.4 per cent year on year and 2.3 per cent month on month. The purchase price of chemical raw materials decreased by 9.2% year-on-year and 1.1% month-on-month.

On a monthly basis, the PPI fell 0.5 per cent from flat in the previous month. Among them, the price of means of production fell 0.6% from flat in the previous month; Consumer prices fell 0.3 percent from flat last month. Affected by the fluctuation of international crude oil prices, the prices of domestic petroleum, coal and other fuel processing industries fell by 2.3%, and the prices of chemical raw materials and chemical products manufacturing industries fell by 1.1%. The overall supply of steel, cement and other industries was adequate, but demand was less than expected. The price of black metal smelting and rolling processing industry decreased by 1.0%, and the price of cement manufacturing decreased by 0.1%. Coal production capacity continued to release, coupled with the import volume is still large, coal mining and washing industry prices fell by 4.0%. Nonferrous metal smelting and rolling industry prices rose 0.2 percent, with copper smelting prices up 0.3 percent and aluminum smelting prices up 0.1 percent. In addition, the price of computer communication and other electronic equipment manufacturing decreased by 0.7%, and the price of automobile manufacturing decreased by 0.2%. Manufacturing prices for cultural, educational, industrial, aesthetic, sports and recreational goods rose 0.9 percent, and prices for textile and apparel apparel rose 0.1 percent.

On a year-on-year basis, the PPI fell 3.6 percent, 1.1 percentage points larger than the previous month. The larger year-on-year decline was mainly due to the higher comparison base of oil, ferrous metals and other industries in the same period last year, as well as recent weak domestic and foreign demand. Prices of means of production fell by 4.7 percent, or 1.3 percentage points. The price of household goods rose 0.4 percent, down 0.5 percentage point. Among the major industries, the price of oil and natural gas exploration fell by 16.3 percent, or 0.6 percentage points; The price of ferrous metal smelting and rolling processing industry fell by 13.6 percent, or 2.6 percentage points; The price of coal mining and washing fell by 9.3%, or 6.1 percentage points; Prices of non-ferrous metal smelting and rolling processing industries fell 8.6 percent, or 0.6 percentage points. In addition, the price of computer communication and other electronic equipment manufacturing decreased by 0.7%, and the price of automobile manufacturing decreased by 1.0%. Prices in the manufacturing industry of cultural, educational, industrial, American, sports and recreational goods rose 4.5 percent, prices in the production and supply industry of electricity and heat increased 1.6 percent, and prices in the processing industry of agricultural and sideline food increased 1.1 percent.

From January to April, on average, the producer's ex-factory price fell by 2.1 percent and the producer's purchasing price fell by 1.5 percent from the same period last year.