In November, due to the economic downturn at home and abroad, the economic growth of the petroleum and chemical industries continued to slow down, but the total industrial output value of the year will exceed 11 trillion yuan. The steady increase in investment in the industry, the increase in import and export trade, the stable supply and demand in the market, and the trend of rapid increase in costs have slowed down. The industry's benefits have apparently declined, refining losses have increased, market volatility has intensified, and economic downward pressure has increased. - Economic growth continued to slow down From January to November, the total output value of the petroleum and chemical industries reached 10.24 trillion yuan, an increase of 32.6% year-on-year, accounting for 13.3% of the country's total industrial output value over the same period. It is a foregone conclusion that the industry's total industrial output value will exceed RMB 11 trillion, and is expected to reach 11.2 trillion yuan, an increase of approximately 30%. The increase slowed by 3.8% from the previous October. In November, the economic growth of the three major chemical sectors continued to slow down: the output value of specialty chemicals was 15,20.30 billion yuan, an increase of 29.2% year-on-year, and the growth rate was 1% slower than last month; the output value of basic chemical raw materials was 151.84 billion yuan, an increase of 24.6%. In the previous month, it fell by about 7%; the output value of synthetic materials was 96.14 billion yuan, an increase of 22.4%, and the increase rate decreased by 10% from the previous month; the proportion of the three major sectors accounted for 67.0% of the chemical production value, which was a decrease of 0.4% from the previous month. ——The output of major chemical products continued to grow rapidly In the period from January to November, the total amount of major chemicals in China reached 380 million tons, a year-on-year increase of 12.8%, which was basically the same as the increase from January to October. In November, the country’s crude oil output was 16.462 million tons, which was a year-on-year decline of 6.4%, falling for the fourth consecutive month, and the decline has increased; natural gas production was 9.05 billion cubic meters, an increase of 7.7% year-on-year, an increase of 2.7% from the previous month. In November, the country’s total chemical fertilizer output (refine, the same below) was 5.010 million tons, an increase of 9.8% year-on-year; pesticide raw material production (100%) was 24.0 million tons, an increase of 22.4%; and national ethylene production was 1.317 million tons, an increase of 1.9 percent year-on-year. %; methanol production 1.72 million tons, an increase of 19.3%; sulfuric acid production 6.290 million tons, an increase of 2.5%; caustic soda production 1.194 million tons, an increase of 6.5%; calcium carbide production 1.327 million tons, an increase of 35.1%; synthetic resin 4.159 million tons, an increase of 6.6 %; tire tire output 74.808 million, an increase of 12.9%. —— Investment Growth Steadily Accelerated In November, the total investment in the petroleum and chemical industries was 138.09 billion yuan, a year-on-year increase of 33.6%, which was the largest increase in a single month of the year. Among them, the highest growth rate in the oil refining industry reached 54.3%; investment in the chemical industry increased by 32.2%; oil and gas production increased by 28.5%. From January to November, the fixed assets investment in the petroleum and chemical industries was 1.23 trillion yuan, a year-on-year increase of 21.4%, an increase of 1.3% from January to October. Among them, the chemical industry invested 861.721 billion yuan, an increase of 26.9%, an increase of 0.7% from January to October, accounting for 70.12% of the total investment in the industry. Chemical industry investment continues to tilt toward basic chemical raw materials, fertilizers, and rubber products. - New projects started to rise for the first time from January to November, and 10,688 new projects in the petroleum and chemical industries started, up 0.4% year-on-year, and the first increase since June last year. Among them, 9135 newly started projects in the chemical industry decreased by 1.4%; 669 new projects for crude oil processing increased by 2.0%; 293 new projects in the oil and gas exploration industry increased by 69.4%; and 591 new projects for special equipment manufacturing started. 6.5%. In the first 11 months, 15,964 projects were under construction in the petroleum and chemical industries, up by 2.7% year-on-year. ——Intensity of Fluctuation of Benefits According to statistics, from January to October, the total profit of enterprises above designated size in the industry was 681.344 billion yuan, an increase of 24.6% over the same period of last year, and the increase rate was 5.2% lower than that from January to September, accounting for 16.5 percent of the total profits of industrial enterprises above designated size in the same period of the same period. %; profit growth has significantly accelerated. In the first 10 months, the tax paid by the whole industry was 687.249 billion yuan, a year-on-year increase of 25.5%; the main business income was 9.02 trillion yuan, an increase of 33.2%; the total assets was 7.75 trillion yuan, an increase of 20.0%; and the employed personnel was 679.39 million, an increase of 8.1 %. The refining segment recaptured losses, and its September profitability became a flash in the pan. -- The growth rate of import and export trade accelerated from January to November. The total import and export volume of the industry was 551.8 billion U.S. dollars, an increase of 33.6% year-on-year. Among them, the import of 394.9 billion U.S. dollars, an increase of 35.3%; exports of 156.9 billion U.S. dollars, an increase of 29.4%. The cumulative deficit was 238 billion U.S. dollars, a year-on-year increase of 39.5%. In November, domestic crude oil imports amounted to 22.69 million tons, an increase of 8.5% year-on-year; among the major chemical products, methanol imports were 515,000 tons, an increase of 18% year-on-year; paraxylene imports were 502,300 tons, an increase of 67%; ethylene imports were 121,000 tons. Increased by 114%. From January to November, China imported 30.42 million tons of organic chemicals, an increase of 7.9% year-on-year; imported synthetic resin 27.38 million tons, a decrease of 1.3%. From January to October, the cumulative export value of rubber products was US$3.7125 billion, which was a year-on-year increase of 24% and a decrease of 0.8% from the previous quarter. ——The increase in the total price level fell back to a better connection between production and sales. In November, the ex-factory prices of the petroleum and chemical industries rose by 9.0% year-on-year, which was a sharp drop of 4.2% from October and back to the beginning of the year. Among them, the price of chemical industry rose by 5.7%, which was the lowest increase in the year and decreased by 3.7% from October. From January to November, the cumulative ex-factory prices of the petroleum and chemical industries rose by 13.0% year-on-year, representing an increase of 0.5% from January to October. From the trend point of view, the current price level of the oil and chemical industry has entered the correction phase, and the market shocks may increase at the end of the year. In November, the sales rate of petroleum and chemical products was 98.1%, down 0.8% from the previous month. Among them, the oil and natural gas extraction and sales rate was 100.7%, the refining oil was 97.6%, and the chemical industry was 97.6%. From January to November, the cumulative sales rate of petroleum and chemical products was 98.6%. 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