Metallurgy / Chemicals / Rubber & Plastics

In the first 10 months of this year, the total import and export volume of China's mining and chemical industry achieved double-digit growth year-on-year. According to customs data, from January to October, the total import and export volume of the Minmetals and Chemicals industry was 1685.7 billion US dollars, accounting for 32.1% of the total import and export volume of the country, with a year-on-year growth of 15.1%. Among them, the export reached 638.5 billion US dollars, accounting for 21.3% of the total national export, with a year-on-year growth of 20.7%; Imports reached US $1047.1 billion, accounting for 46.2% of the total national imports, up 11.9% year on year.

Based on this, Jiang Hui, President of China Chamber of Commerce for Import and Export of Minmetals and Chemicals, predicted that the import and export of China's Minmetals and Chemicals industry will continue to maintain the momentum of growth this year, but due to the high base last year and global inflation and other factors, the growth rate of import and export will drop significantly.

The price of import and export products rose sharply

"In the first 10 months, the total import and export volume of China's Minmetals and Chemical Industry achieved a double-digit growth year on year, mainly due to the increase in the price of import and export products. At present, the import and export of China's Minmetals and Chemical Industry is still facing a severe and complex situation." Jiang Hui said.

Since this year, the export volume of China's five minerals and chemical industry has increased slightly and the export price has risen significantly. From the perspective of exports, customs data show that from January to October, the export volume of Minmetals and chemical products increased by 1.6% year on year, and the export price increased by 18.8% year on year. The top two export commodities of Minmetals and Chemical Industry are steel and refined oil, both showing a trend of decreasing in quantity and increasing in price. From January to October, China exported 56.46 million tons of steel, down 1.8% year on year. The export amount was 82.3 billion US dollars, up 24.9% year on year, and the average unit price rose 27.2% year on year; The export of refined oil products was 39.94 million tons, down 24.5% year on year, with an export amount of 35.9 billion US dollars, up 30.4% year on year, and the average unit price rose 72.7% year on year.

From the perspective of imports, the import volume of the Minmetals and Chemical Industry decreased slightly, and the import price increased significantly. The data shows that from January to October, the import quantity of Minmetals and Chemical Industry decreased by 3.0% year on year, and the import price increased by 15.4% year on year. The top two imported commodities of Minmetals and Chemical Industry are crude oil and iron ore, with the import volume declining slightly. From January to October, 413.59 million tons of crude oil were imported, a year-on-year decrease of 2.7%. The import amount was 299.3 billion US dollars, a year-on-year increase of 45.3%, and the average unit price rose 49.4%; The import of iron ore was 918 million tons, down 1.6% year on year. The import amount was US $108.6 billion, down 33.7% year on year. The average unit price fell 32.6% year on year.

ASEAN becomes a major import and export market

Since this year, the ASEAN market has become the main import and export market of China's mining and chemical industry.

According to customs data, in the first 10 months, ASEAN and the EU were the main export markets of China's five minerals and chemical industry, with double-digit growth in export volume. "The formal entry into force of the Regional Comprehensive Economic Partnership Agreement (RCEP) at the beginning of this year has brought opportunities for the export of China's mining and chemical industry. At present, ASEAN is the largest export market of China's mining and chemical industry. In the first 10 months, China's mining and chemical industry exported $130.6 billion to ASEAN, a year-on-year increase of 26.6%." Jiang Hui said.

The EU is the second largest export market of China's mining and chemical industry. According to customs data, from January to October, China's mining and chemical industry exported US $78.1 billion to the EU, a year-on-year increase of 25.3%. "The rise in international energy prices has had an impact on the production of EU enterprises. The high cost of production has led to the suspension of some high energy consuming enterprises. As one of the world's important production bases, the EU has increased its procurement of Chinese goods this year to ensure production. This has become the main reason for the substantial growth of China's mineral and chemical industries' exports to the EU." Jiang Hui said.

In terms of import, ASEAN and Australia are the main import markets of China's mining and chemical industry. According to customs data, from January to October, China's mining and chemical industry imported US $130.5 billion from ASEAN, a year-on-year increase of 17.2%. Affected by the sharp drop in iron ore prices, the import of China's five minerals and chemical industry from Australia has declined against the trend since this year. From January to October, China's mining and chemical industry imported US $106.8 billion from Australia, down 18.5% year on year. Among them, China imported 70 billion dollars of iron ore from Australia, accounting for 65.5% of the total imports of China's mining and chemical industry from Australia, down 30.3% year on year.