Metallurgy / Chemicals / Rubber & Plastics

The export volume reached 110.4 billion US dollars, a year-on-year increase of 2.6%. From January to February 2023, China's mining and chemical industry achieved a good start in exports. The differentiation of the main export markets has become a major feature of China's mining and chemical industry exports since the beginning of this year: exports to other members of RCEP have increased significantly, while exports to Europe and America have declined significantly. The export market of China's mining and chemical industry has shown a dual trend of ice and fire. A spokesperson for the China Chamber of Commerce for Import and Export of Minerals and Chemicals stated that the export of China's minerals and chemical industry has significantly stabilized since February. It is expected that the export of China's minerals and chemical industry will continue its current trend and show a slight increase throughout the year.

The dividend of the RCEP agreement has brought new opportunities for China's mining and chemical industry exports. Since the beginning of this year, China's mining and chemical industry has achieved significant growth in exports to other RCEP member countries. According to import and export data, from January to February 2023, the export value of China's mining and chemical industry to other members of the Regional Comprehensive Economic Partnership Agreement (RCEP) was 41 billion US dollars, accounting for 37.2% of the total export value of China's mining and chemical industry, an increase of 4.9 percentage points compared to the same period in 2022, a year-on-year increase of 18.0%, and a growth rate of 15.5 percentage points higher than the industry average level.

"With the formal entry into force of the Regional Comprehensive Economic Partnership Agreement (RCEP) at the beginning of 2022, its policy dividend has prompted more and more Chinese mining and chemical enterprises to increase their exports to other RCEP member countries. According to import and export data, from January to February 2023, the amount of RCEP certificate of origin visas issued by the National System for the Promotion of Trade totaled US $1.044 billion, up 77.51% year on year; the number of visas was 28200, up 171.38% year on year." A spokesperson for the Chamber of Commerce stated. In addition, from February 1, 2022, RCEP officially came into effect for South Korea, becoming the main reason for the rapid growth of China's mining and chemical industry's exports to South Korea. According to import and export data, among other RCEP member countries, South Korea is the largest export market for China's mining and chemical industry. From January to February 2023, China's mining and chemical industry exported $8.2 billion to South Korea, a year-on-year increase of 29.7%.

Since the beginning of this year, China's mining and chemical industry has experienced a significant decline in exports to the European Union. Import and export data shows that from January to February 2023, China's mining and chemical industry exported 12.9 billion US dollars to the European Union, a year-on-year decrease of 11.5%, accounting for 11.7%, a decrease of 1.9 percentage points compared to the same period in 2022. Since the outbreak of the Ukrainian crisis, the backlash effect of several rounds of sanctions against Russia has led to a surge in prices of energy, electricity, food, and other goods in Europe. Inflation continues to be high, and the consumer price index in the Eurozone increased by 8.5% year-on-year in February of this year. Faced with high inflation, continuous interest rate hikes, and banking crises, the prospects for European economic growth are bleak, and the export volume of China's mining and chemical industries to the EU has significantly declined, "said a spokesperson for the Chamber of Commerce.

In addition, China's mining and chemical industry has shown a double-digit decline in exports to the United States. Import and export data shows that from January to February 2023, China's mining and chemical industry exported 8.9 billion US dollars to the United States, a year-on-year decrease of 27.8%, accounting for 8.1%, a decrease of 3.3 percentage points compared to the same period in 2022. In 2022, crude oil prices significantly increased, causing the most severe inflation in the United States in nearly 40 years. Since the beginning of this year, the US CPI has maintained an upward trend, with a year-on-year increase of 6% in February 2023. High inflation has led to a decline in demand in the US market, becoming the main reason for the decline in exports from China's mining and chemical industries to the United States, "said a spokesperson for the Chamber of Commerce.