Chemical Materials And Chemicals Manufacturing Prices Decrease By 9% in 2023

Data released by the National Bureau of Statistics (NBS) on January 12, 2023 showed that in December, affected by the continued downward trend of international oil prices and insufficient demand for some industrial products, the national PPI (Industrial Producer Ex-factory Price Index) declined year-on-year, and the year-on-year rate of decline narrowed. The nation's industrial producer factory prices fell 2.7% year-on-year and 0.3% sequentially, while industrial producer purchasing prices fell 3.8% year-on-year and 0.2% sequentially.

On a year-on-year basis, PPI fell by 0.3%, the same rate of decline as last month. International oil prices continued to decline, driven by the domestic oil and gas extraction industry, oil coal and other fuel processing industry prices fell 6.6%, 3.0%, chemical raw materials and chemical products manufacturing prices fell 0.7%.

On a year-on-year basis, the PPI declined by 2.7%, a decline of 0.3 percentage points narrower than the previous month. Among them, the chemical raw materials and chemical products manufacturing industry, petroleum coal and other fuel processing industry, oil and natural gas extraction industry prices fell by 6.3%, 5.8%, 1.6%, respectively, have narrowed.

Among the purchasing prices of industrial producers, the price of fuel and power decreased by 7.2% year-on-year and 0.5% sequentially, while the price of chemical raw materials decreased by 6.1% year-on-year and 0.7% sequentially.

For the whole year of 2023, the factory prices of industrial producers decreased by 3.0% compared with the previous year, and the purchasing prices of industrial producers decreased by 3.6%. Among them, the prices of chemical raw materials and chemical products manufacturing industry, petroleum coal and other fuel processing industry, and oil and natural gas extraction industry decreased by 9%, 8.3%, and 10.2% respectively.