Metallurgy / Chemicals / Rubber & Plastics

In the past year, the total import and export volume of China's five minerals and chemical industry has achieved double-digit growth. Among them, the import and export volume in the first 11 months exceeded the whole year of 2021. According to customs data, from January to November 2022, the total import and export volume of the mining and chemical industry was 1855.9 billion US dollars, up 13.2% year on year. Among them, the industry exports reached 699.5 billion US dollars, up 18% year on year; Industry imports reached US $1156.4 billion, up 10.5% year on year. A spokesman for the China Chamber of Commerce for the Import and Export of Minerals and Chemicals said that due to high inflation, rising interest rates, reduced investment and the crisis in Ukraine, the global economic growth or accelerated slowdown in 2023 will lead to a slowdown in the import and export growth of China's five minerals and chemical industry, and the import and export of China's five minerals and chemical industry will increase slightly in 2023.

"In the first 11 months of 2022, the total import and export volume of China's five minerals and chemical industry achieved double-digit growth year on year, mainly due to the increase in the price of import and export products," said the above-mentioned spokesman.

From the perspective of exports, in the first 11 months of 2022, the export volume of China's mining and chemical industry increased slightly, and the export price rose sharply. According to the data, from January to November 2022, the export volume of the industry increased by 1.1% year on year, and the export price increased by 16.7% year on year. The top two commodities exported by the industry are steel and refined oil, and the export price has increased significantly. According to customs data, from January to November 2022, China's steel exports reached 62.05 million tons, up 0.3% year on year; The export value was 89.6 billion US dollars, up 22.1% year on year; The average unit price rose 21.7% year on year. The export of refined oil was 46.08 million tons, down 19.3% year on year; The export value was US $41.3 billion, up 36.5% year on year; The average unit price increased by 69.1% year on year.

From the perspective of import, the import quantity of Minmetals and chemical industry decreased slightly and the import price rose sharply. According to customs data, from January to November 2022, the import volume of the industry decreased by 2.6% year on year, and the import price increased by 13.5% year on year. The top two commodities imported by the industry are crude oil and iron ore, and the import volume has declined slightly. From January to November 2022, crude oil import was 460.33 million tons, down 1.4% year on year; According to customs data, the import amount was US $330.8 billion, up 43.4% year on year; The average unit price rose 45.4% year on year. The import of iron ore was 1016.85 million tons, down 2.1% year on year; The import value was 118 billion US dollars, down 32.9% year on year; The average unit price fell 31.5% year on year.

The formal entry into force of the Regional Comprehensive Economic Partnership Agreement (RCEP) in 2022 has brought opportunities for the export of Minmetals and chemical industry.

"From January to November 2022, China's Minmetals and Chemical Industry exported US $242 billion to other members of the RCEP, accounting for 34.6% of the total exports of China's Minmetals and Chemical Industry, with a year-on-year increase of 21.8%, 3.8 percentage points higher than the industry average. Other members of the RCEP contributed as much as 40.6% to the export growth of China's Minmetals and Chemical Industry, In 2023, China's mining and chemical industry's exports to other members of RCEP will continue to maintain a rapid growth.

In 2022, the EU will be the main export market of China's mineral and chemical industry. According to customs data, from January to November 2022, China's mining and chemical industry exported US $84.8 billion to the EU, up 20.8% year on year.

"In 2022, the high production costs caused by the rise of international energy prices led to the shutdown of some EU energy-consuming enterprises. As one of the world's important production bases, the EU increased its procurement of Chinese goods to ensure production. This has become the main reason for the substantial growth of China's mining and chemical industry's exports to the EU. With the fall of international energy prices, China's mining and chemical industry's exports to the EU may decline in 2023." The spokesman of Minmetals Chamber of Commerce said.