Last Year, The Profit of China's Petrochemical Industry Exceeded One Trillion Yuan For The First Time

The China Petroleum and Chemical Industry Federation recently announced the economic operation of my country's petrochemical industry in 2021. Data show that in 2021, enterprises above designated size in my country's petroleum and chemical industries will achieve a cumulative operating income of 14.45 trillion yuan and a total profit of 1.16 trillion yuan, both hitting record highs, an increase of 30% and 126.8% over the previous year, respectively. The average growth was 9% and 40.1%, respectively.

"Last year, China's petrochemical industry was generally stable and orderly, and major economic indicators achieved rapid growth, especially the high growth in the first half of the year, laying a solid foundation for good performance and comprehensive recovery throughout the year," said Fu Xiangsheng, vice president of China Petrochemical Federation. 

The growth rate of the added value of the industry picked up. In 2021, the industrial added value of enterprises above designated size in the petrochemical industry will increase by 5.3% over the previous year, and the growth rate will rebound by 3.1 percentage points. Among them, the added value of the oil and gas exploration industry increased by 2.2% over the previous year, and the growth rate changed from negative to positive, up 5.5 percentage points over the previous year; the added value of the chemical industry increased by 7.5% over the previous year, up 3.9 percentage points.

Profitability continued to increase. In 2021, the industry-wide revenue margin will be 8.04%, the highest level since 2010, an increase of 3.43 percentage points over the previous year and 1.23 percentage points higher than that of large-scale industries nationwide.

The output of main products increased steadily. Oil and gas maintained steady growth. Last year, the output of crude oil was 199 million tons, an increase of 2.4% over the previous year; the output of natural gas was 205.26 billion cubic meters, an increase of 8.2% over the previous year. Chemical production has accelerated. Last year, the capacity utilization rate of my country's chemical industry was 78.1%, an increase of 3.6 percentage points over the previous year. The total production of major chemicals increased by about 5.7% over the previous year.

Foreign trade maintained strong growth. According to customs data, the total import and export volume of the petrochemical industry reached US$860.08 billion last year, a record high, accounting for 14.2% of the country's total import and export volume, an increase of 38.7% over the previous year. At the same time, the structure of foreign trade continued to be optimized, imports of organic chemicals and synthetic materials declined, exports increased significantly, and net imports dropped significantly.

Investment returned to full growth. Last year, the investment in chemical raw materials and chemical products manufacturing industry increased by 15.7% over the previous year, exceeding the national industrial average.