The “China Petroleum and Chemical Economic Operation Report†issued by the China Petroleum and Chemical Industry Association in December 2007 showed that in 2007 the petrochemical industry took active measures to respond to the export tax rebate policy adjustment and handed in a beautiful answer sheet. Through efforts to increase the technological content of export products and reduce the export of high energy consumption, high pollution, and resource products, the trade structure of the petrochemical industry has been optimized, and the quality of export growth has been significantly improved.
On June 19, 2007, the Ministry of Finance and the State Administration of Taxation issued the "Circular on Decreasing the Tax Rebate Rates for Certain Commodities", involving 1031 items of petroleum and chemical products, accounting for 36.4% of the total number of commodities subject to adjustment, from 2007. It began to be implemented on July 1st, which has a great impact on the export trade of the petroleum and chemical industries. However, the petrochemical industry not only significantly improved its export quality, but also did not experience a decline in its export value. Instead, it maintained a substantial increase and achieved satisfactory results. According to customs statistics, in the first 10 months of 2007, China’s total import and export trade of petroleum and chemicals reached US$258.81 billion, which was a year-on-year increase of 22.5%, of which import trade amounted to US$176.67 billion, which was a year-on-year increase of 17.8%; The export volume was 82.14 billion U.S. dollars, an increase of 33.9% year-on-year. The petrochemical industry's import and export trade has the following characteristics:
First, the structural optimization of export products has reduced the "two high and one capital" products and increased the export of high-tech products. Among them, the inorganic salt industry is actively accelerating the development of new products, continuously increasing the proportion of high-quality barium sulfate products such as ultra-fine barium sulfate, high-purity barium carbonate, and high-purity barium carbonate, and actively expanding the newly developed insoluble sulfur and electrolytic manganese dioxide. Export of high-tech products. According to statistics, in October 2007, China’s exports of inorganic chemicals decreased by 1.7% year-on-year, while exports increased by 25.8%; exports of organic chemicals increased by 4.4% year-on-year, while exports increased year-on-year. 22.7%; export volume of rubber products increased by only 0.7% year-on-year, while export value increased by 10.7% year-on-year. Specialized chemicals with high technological content and high added value increased significantly by 168.1% in October last year. At the same time, exports of high-energy-consuming products have been compressed. In October last year, exports of solid caustic soda fell 2.6% year-on-year, liquid caustic soda exports fell 16.2% year-on-year, paint exports fell 10.1% year-on-year, and pigment exports fell 12.3% year-on-year. . Although the number of tire inner and outer tires continued to grow, the accumulated growth rate in the first 10 months fell by 26.8 percentage points and 10 percentage points from the first half of the year respectively.
Second, the demand in the international market is spurring and the price of export products has risen. After adjustment of the export tax rebate policy, the profits of export enterprises have been relatively reduced, and the export volume has also been relatively reduced. However, due to the international market demand, most of the chemical export prices have risen. According to the analysis of 155 major export products, there were 108 kinds of year-on-year increase in prices in October 2007, accounting for about 70%. Among them, 31% of product prices rose by more than 20%. The average export price of solid caustic soda rose by 29.1% year-on-year, the average price of soda ash increased by 23.2%, the average price of urea rose by 15.8%, the average price of diammonium phosphate rose by 47.7%, and the average price of ammonium dihydrogen phosphate rose by 39. In .5%, the average tire export price also increased by 12.1%. This shows that China's exports of chemical products in the international market prices are relatively low, there is room for improvement. Due to the introduction of the tax rebate policy, chemical export companies have made up for the losses and raised the prices of their export products. As a result, foreign exchange earnings from exports have not declined and they have maintained their growth momentum.
Third, the export of refined oil was compressed to ensure the supply of the domestic market. PetroChina and Sinopec, the two major companies, in order to ease the supply of oil products in the domestic market contradiction, starting from the overall situation, significantly compressed exports of refined oil. In October 2007, the export of refined oil (carbeted kerosene) was 549,000 tons, a year-on-year decrease of 11.5%, and the increase rate was changed from a growth of 44.9% in the first half of the year to a decrease of 11.5%. Among them, gasoline exports only 176,000 tons, a decrease of 44% year-on-year. This move shows the sense of social responsibility of the national oil company.
Fourth, international crude oil prices have risen and the trade deficit has expanded. According to statistics, the import and export trade deficit in the first 10 months of 2007 was US$94.53 billion, an increase of 6.7% over the previous year. The products with the largest trade deficit accounted for 62.55 billion U.S. dollars in crude oil and natural gas, which accounted for 66.2% of the total deficit. The cumulative import of crude oil in the first 10 months was 136.68 million tons, and the import dependency reached 47.2%. In addition, products with large trade deficits also included a trade deficit of 22.55 billion U.S. dollars for synthetics, accounting for 23.9%; an organic trade deficit of 8.46 billion U.S. dollars, accounting for 8.9%; synthetic fiber monomers and polymerization. The trade deficit was 115.8%, accounting for 12.3%.
On June 19, 2007, the Ministry of Finance and the State Administration of Taxation issued the "Circular on Decreasing the Tax Rebate Rates for Certain Commodities", involving 1031 items of petroleum and chemical products, accounting for 36.4% of the total number of commodities subject to adjustment, from 2007. It began to be implemented on July 1st, which has a great impact on the export trade of the petroleum and chemical industries. However, the petrochemical industry not only significantly improved its export quality, but also did not experience a decline in its export value. Instead, it maintained a substantial increase and achieved satisfactory results. According to customs statistics, in the first 10 months of 2007, China’s total import and export trade of petroleum and chemicals reached US$258.81 billion, which was a year-on-year increase of 22.5%, of which import trade amounted to US$176.67 billion, which was a year-on-year increase of 17.8%; The export volume was 82.14 billion U.S. dollars, an increase of 33.9% year-on-year. The petrochemical industry's import and export trade has the following characteristics:
First, the structural optimization of export products has reduced the "two high and one capital" products and increased the export of high-tech products. Among them, the inorganic salt industry is actively accelerating the development of new products, continuously increasing the proportion of high-quality barium sulfate products such as ultra-fine barium sulfate, high-purity barium carbonate, and high-purity barium carbonate, and actively expanding the newly developed insoluble sulfur and electrolytic manganese dioxide. Export of high-tech products. According to statistics, in October 2007, China’s exports of inorganic chemicals decreased by 1.7% year-on-year, while exports increased by 25.8%; exports of organic chemicals increased by 4.4% year-on-year, while exports increased year-on-year. 22.7%; export volume of rubber products increased by only 0.7% year-on-year, while export value increased by 10.7% year-on-year. Specialized chemicals with high technological content and high added value increased significantly by 168.1% in October last year. At the same time, exports of high-energy-consuming products have been compressed. In October last year, exports of solid caustic soda fell 2.6% year-on-year, liquid caustic soda exports fell 16.2% year-on-year, paint exports fell 10.1% year-on-year, and pigment exports fell 12.3% year-on-year. . Although the number of tire inner and outer tires continued to grow, the accumulated growth rate in the first 10 months fell by 26.8 percentage points and 10 percentage points from the first half of the year respectively.
Second, the demand in the international market is spurring and the price of export products has risen. After adjustment of the export tax rebate policy, the profits of export enterprises have been relatively reduced, and the export volume has also been relatively reduced. However, due to the international market demand, most of the chemical export prices have risen. According to the analysis of 155 major export products, there were 108 kinds of year-on-year increase in prices in October 2007, accounting for about 70%. Among them, 31% of product prices rose by more than 20%. The average export price of solid caustic soda rose by 29.1% year-on-year, the average price of soda ash increased by 23.2%, the average price of urea rose by 15.8%, the average price of diammonium phosphate rose by 47.7%, and the average price of ammonium dihydrogen phosphate rose by 39. In .5%, the average tire export price also increased by 12.1%. This shows that China's exports of chemical products in the international market prices are relatively low, there is room for improvement. Due to the introduction of the tax rebate policy, chemical export companies have made up for the losses and raised the prices of their export products. As a result, foreign exchange earnings from exports have not declined and they have maintained their growth momentum.
Third, the export of refined oil was compressed to ensure the supply of the domestic market. PetroChina and Sinopec, the two major companies, in order to ease the supply of oil products in the domestic market contradiction, starting from the overall situation, significantly compressed exports of refined oil. In October 2007, the export of refined oil (carbeted kerosene) was 549,000 tons, a year-on-year decrease of 11.5%, and the increase rate was changed from a growth of 44.9% in the first half of the year to a decrease of 11.5%. Among them, gasoline exports only 176,000 tons, a decrease of 44% year-on-year. This move shows the sense of social responsibility of the national oil company.
Fourth, international crude oil prices have risen and the trade deficit has expanded. According to statistics, the import and export trade deficit in the first 10 months of 2007 was US$94.53 billion, an increase of 6.7% over the previous year. The products with the largest trade deficit accounted for 62.55 billion U.S. dollars in crude oil and natural gas, which accounted for 66.2% of the total deficit. The cumulative import of crude oil in the first 10 months was 136.68 million tons, and the import dependency reached 47.2%. In addition, products with large trade deficits also included a trade deficit of 22.55 billion U.S. dollars for synthetics, accounting for 23.9%; an organic trade deficit of 8.46 billion U.S. dollars, accounting for 8.9%; synthetic fiber monomers and polymerization. The trade deficit was 115.8%, accounting for 12.3%.
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