China's RCEP Petrochemical Trade Increased By 12.5% in The First Half Of The Year
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China's RCEP petrochemical trade increased by 12.5% in the first half of the year
On August 4, China petroleum and chemical industry association standing committee of the party committee, deputy secretary general, China petroleum and chemical industry international cooperation enterprise alliance secretary-general PangGuangLian capacity in an interview with China chemical industry news reporter said that the regional comprehensive economic partnership agreement (RCEP) six months, China's steady growth and RCEP national petrochemical chemical trade, Based on the strong momentum of the high-quality development of chemical industry and the promotion of the "double carbon" strategy to energy transformation, China's cooperation with RCEP countries in the field of energy and chemical industry is further deepening.
The latest statistics from the Petrochemical Association show that the total petrochemical trade between China and RCEP countries in the first half of this year reached $140.79 billion, up 12.5% year on year. Among them, petrochemical trade volume rose sharply in June, with exports up 38.5% year on year.
Statistics show that in the petrochemical trade field with RCEP countries, South Korea, Malaysia, Japan and others are China's main trading partners, can be called technology-led first echelon, China mainly imports high-end chemicals and chemical materials from the above countries. In the first half of this year, China's petrochemical trade volume with South Korea reached US $32.43 billion, ranking first in total, with a year-on-year growth of 14.9%; The trade volume with Malaysia is 24.81 billion US dollars, and Malaysia has surpassed Japan to become the second largest trading partner of our country. The trade volume with Japan was US $20.63 billion, up 9.8% year on year, which fell short of the overall level of intra-regional trade with RCEP, but it still has great potential for development in the long run.
The second tier is represented by resource countries such as Singapore, Thailand, Vietnam, Indonesia and Australia. The petrochemical trade volume between these countries and our country is between 10 billion and 13 billion dollars, and the majority of our imports. For example, our imports from Australia account for a relatively high proportion, and the main imported products are liquefied natural gas (LNG) oil and gas products. In addition, China's imports of synthetic fibers and pesticides from Australia also increased 50.9% and 82.5% year on year, respectively. At the same time, the price advantage of Chinese chemical products is gradually increasing because of tariff reduction and exemption of some chemicals. The export of special chemicals to RCEP countries reached US $7.82 billion, an increase of 55.7% year-on-year. Rubber products exported to ASEAN amounted to US $630 million, up 44% year on year.
The third tier is represented by the Philippines, Myanmar, Cambodia, Brunei, New Zealand, Laos and other countries with small chemical volume. Our petrochemical trade with these countries is dominated by exports, and the volume of trade is within 4 billion dollars. We mainly export petroleum products, synthetic resins and some specialized chemicals to these countries.
China's petrochemical trade with the world totaled $531.38 billion in the first half, up 32.5 percent year on year, Pang said. The petrochemical trade volume between China and RCEP members has accounted for 26.5% of the total global trade volume.
It is also known that the RCEP's circle of friends has been expanding in the past six months. Currently, 13 of the 15 signatories have entered into force, and the RCEP is delivering more benefits to its businesses and consumers.
