[industry economic operation data in 2021 far exceeded expectations]
On February 17, Petrochina Company Limited(601857) and the Chemical Industry Federation released the 2021 annual Petrochina Company Limited(601857) and the economic operation report of the chemical industry in Beijing. The report shows that in 2021, the industry’s operating revenue and profit reached a record high, reaching 14.45 trillion yuan and 1.16 trillion yuan respectively. It is expected that the overall economic operation of the industry will be stable in 2022, but the growth rate of main indicators will slow down, and the whole year will show a trend of “first low and then high”.
There are three highlights in the economic operation of petrochemical industry in 2021. First, the growth rate of industry added value picked up. In 2021, the industrial added value of Enterprises above Designated Size in the whole industry increased by 5.3% over the previous year, and the growth rate rebounded by 3.1 percentage points over the previous year. The added value of the three major sectors of oil and gas exploitation, oil refining and chemical industry increased to varying degrees.
Second, the benefits hit a record high. In 2021, enterprises above Designated Size in the whole industry achieved a total operating revenue of 14.45 trillion yuan and a total profit of 1.16 trillion yuan, an increase of 30% and 126.8% respectively over the previous year, both reaching a record high. Among them, the total profit exceeded trillion yuan for the first time.
Thirdly, foreign trade import and export maintained strong growth. In 2021, the total import and export volume of the whole industry reached US $860.08 billion, a record high, an increase of 38.7% over the previous year. Among them, the export volume was 295.55 billion US dollars, an increase of 41.8%; The import volume was 564.54 billion US dollars, an increase of 37.1%.
“These data far exceeded expectations. On the whole, the characteristics of the industry’s economic operation can be summarized as’ four record highs’, ‘four volume increases’,’ three first declines’ and ‘rise in foreign exchange consumption’.” Fu Xiangsheng, vice president of the petrochemical Federation, spoke in the special report.
“Four record highs”, i.e. operating revenue, total profit, total profit of chemical industry and profit margin of chemical industry, have reached a record high. Among them, the total profit of Enterprises above Designated Size in the chemical sector in the whole year was 793.22 billion yuan, 31% higher than the best year of the 13th five year plan; The profit margin of chemical industry reached 9.16% for the first time.
“Four quantity increases” refers to the increase of crude oil and natural gas output, crude oil processing volume and the output of its main petrochemical products, the import and consumption of main petrochemical products, and the number of Enterprises above designated size. The annual crude oil output was 199 million tons, an increase of 2.4% over the previous year; The output of natural gas was 205.3 billion cubic meters, an increase of 8.2%. The crude oil processing volume exceeded 700 million tons, an increase of 4.3%; The total output of major chemicals increased by 5.7%. The apparent consumption of refined oil increased by 10.3%; Ethylene import and consumption increased by 4.5% and 16.9% respectively. By the end of 2021, the number of Enterprises above Designated Size will increase by 908 compared with the end of 2020.
“Three first declines” refers to the decline in crude oil imports, crude oil external dependence and imports of main synthetic materials. The annual crude oil import was 513 million tons, a decrease of 5.3% over the previous year, the first decline after 20 consecutive years. The external dependence of crude oil decreased from 73.6% in 2020 to 72%. The import volume of synthetic resin decreased by 16.5% over the previous year.
With regard to the economic operation trend of the industry in 2022, Fu Xiangsheng believes that the industry still faces new opportunities in the new year. For example, the world economy has achieved positive growth, China’s economy will continue to become the “locomotive” of world economic growth, and the market space of petrochemical industry is still huge. But at the same time, it also faces many challenges. The impact of the epidemic will be the most uncertain factor, including the increased downward pressure on the economy, the uncertainty of product prices, supply chain guarantee and other challenges.
In this regard, Fu Xiangsheng pointed out that in the new year, the whole industry should accurately grasp the general tone of “stabilizing the word and seeking progress while maintaining stability”, highlight the theme of high-quality development, and make every effort to fight the “six key battles of steady growth” of ensuring supply and price stability, upgrading and transformation of traditional industries, cultivation of strategic emerging industries, tackling key core technologies, green and low-carbon development and cultivation of modern petrochemical industry clusters.
