China's Petrochemical Industry Will Face Both Challenges And Opportunities in 2023

In year 2023, China's petrochemical industry was operating in a complex and changeable economic environment.

The overall situation is as follows: in the first half of the year, the petrochemical industry achieved operating income of 7.6 trillion yuan, down 4.4% year-on-year. Among them, the revenue of oil and gas exploitation sector was 674.96 billion yuan, down 6.2% year-on-year; The revenue of the refining sector was 2.5 trillion yuan, a slight increase of 1.3% year-on-year; The revenue of the chemical sector was 4.27 trillion yuan, down 7.7% year-on-year. Although the total profit of the whole industry reached 431.09 billion yuan, down 41.3% year-on-year, it can be seen from the analysis of the three major sectors that the total profit of the refining and chemical sectors still kept growing. From the perspective of economic operation, in 2023, the petrochemical industry showed the characteristics of "three double heads, down first and down first".

The "double decline" of current operating income and total profit indicates that the overall profitability of the industry has declined. Secondly, the "double decline" of export and import shows that the demand for petrochemical products in domestic and foreign markets has finally weakened. The "double decline" of the trade deficit shows that the competitiveness of China's petrochemical products in the international market has improved.

Generally speaking, China's petrochemical industry will face both challenges and opportunities in 2023. Although the overall situation of economic operation is under certain pressure, the petrochemical industry is expected to achieve sustainable development by optimizing industrial structure, upgrading technical level and expanding domestic and foreign markets.