Profits from China's Chemical Raw Materials and Chemical Products Manufacturing Industry Fell by 42.8% YOY In the First Ten Months

Data released by the National Bureau of Statistics of China on the 27th showed that in the first 10 months, profits of industrial enterprises above designated size nationwide fell by 7.8% year-on-year, 1.2 percentage points narrower than the decline from January to September. The profit decline has narrowed month by month since March this year. Among them, profits from the manufacturing industry of chemical raw materials and chemical products fell by 42.8% year-on-year.

The profits of the three major categories all rebounded, and profits of more than 70% of the industries improved. From January to October, the year-on-year decline in profits of the mining industry and manufacturing industry narrowed by 0.2 and 1.6 percentage points respectively from January to September. The profits of the electricity, heat, gas and water production and supply industry increased by 40% year-on-year, and the growth rate accelerated by 1.3 percentage points. From January to October, among the 41 major industrial industries, the profit growth rate of 30 industries accelerated or decreased from January to September, turning from a decrease to an increase, and the profit recovery rate reached 73.2%.

Among the 41 major industrial industries, 30 industries’ profit growth accelerated or the decline narrowed or turned from decline to increase compared with January to September, and the profit recovery rate reached 73.2%. In the first 10 months, the total profit of the electricity and heat production and supply industry increased by 50.1% year-on-year, the ferrous metal smelting and rolling processing industry increased by 37.0%, the electrical machinery and equipment manufacturing industry increased by 20.8%, the general equipment manufacturing industry increased by 10.4%, and the special equipment manufacturing industry increased by 2.0%, the automobile manufacturing industry increased by 0.5%, the non-ferrous metal smelting and rolling processing industry decreased by 3.7%, the textile industry decreased by 6.1%, the oil and natural gas extraction industry decreased by 8.9%, the agricultural and sideline food processing industry decreased by 16.5%. And the computer, communications and other electronic equipment decreased by 18.2%, the non-metallic mineral products industry decreased by 26.5%, the coal mining and washing industry decreased by 26.6%, the petroleum, coal and other fuel processing industry decreased by 27.0%, and the manufacturing industry of chemical raw materials and chemical products decreased by 42.8%.

The cumulative revenue of industrial enterprises turned to growth. From January to October, industrial enterprises above designated size achieved operating income of 107.78 trillion yuan, a year-on-year increase of 0.3%; operating costs incurred were 91.63 trillion yuan, an increase of 0.6%; the operating income profit margin was 5.67%, a year-on-year decrease of 0.50 percentage points.

In October, the profits of industrial enterprises above designated size increased by 2.7% year-on-year, achieving positive growth for three consecutive months, and the efficiency of industrial enterprises continued to improve.