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In December 2007, the China Petroleum and Chemical Industry Association released its "Economic Operation Report," highlighting the industry's proactive response to policy adjustments. In 2007, the sector implemented measures to adjust export tax rebate policies, successfully improving the quality of its exports. By focusing on increasing the technological content of exported goods and reducing the export of high-energy, high-pollution, and resource-intensive products, the petrochemical industry optimized its trade structure and achieved significant improvements in export quality.
On June 19, 2007, the Ministry of Finance and the State Administration of Taxation issued a notice lowering tax rebate rates for 1,031 petroleum and chemical products, accounting for 36.4% of all items under adjustment. This change had a major impact on the industry’s export activities. Despite this, the petrochemical sector not only improved the quality of its exports but also maintained strong growth in export value. According to customs data, from January to October 2007, China’s total import and export volume in the petrochemical sector reached $258.81 billion, up 22.5% year-on-year. Imports rose by 17.8% to $176.67 billion, while exports surged by 33.9% to $82.14 billion.
The sector demonstrated several key characteristics during this period:
First, there was a clear shift toward higher-value, technology-driven exports. The industry reduced the export of so-called “two highs and one resource†(high energy consumption, high pollution, and resource-based) products while boosting high-tech exports. For example, the inorganic salt industry focused on developing new products like ultra-fine barium sulfate and high-purity barium carbonate, while expanding exports of innovative materials such as insoluble sulfur and electrolytic manganese dioxide. In October 2007, exports of inorganic chemicals declined slightly by 1.7%, but high-tech products saw a 25.8% increase. Similarly, organic chemical exports grew by 4.4%, with high-tech products rising 22.7%. Meanwhile, exports of solid caustic soda dropped by 2.6%, and liquid caustic soda fell by 16.2%.
Second, international demand drove up export prices. Although tax rebate reductions led to lower profits and reduced export volumes, the rise in global demand allowed most chemical products to see price increases. Out of 155 major export products, 108 experienced year-on-year price hikes, with 31% rising by over 20%. Solid caustic soda prices increased by 29.1%, soda ash by 23.2%, urea by 15.8%, diammonium phosphate by 47.7%, and tires by 12.1%. These increases helped maintain foreign exchange earnings and sustained export growth.
Third, refined oil exports were curtailed to secure domestic supply. Major companies like PetroChina and Sinopec reduced refined oil exports to ease domestic shortages. In October 2007, refined oil exports dropped by 11.5% to 549,000 tons, while gasoline exports fell by 44% year-on-year. This decision reflected a strong sense of social responsibility.
Fourth, rising crude oil prices contributed to an expanding trade deficit. From January to October 2007, the trade deficit reached $94.53 billion, up 6.7% from the previous year. Crude oil and natural gas accounted for $62.55 billion of this deficit, or 66.2% of the total. With an import dependency of 47.2%, the country continued to rely heavily on foreign oil. Other large deficits included synthetic materials ($22.55 billion) and organic chemicals ($8.46 billion).
Overall, the 2007 petrochemical industry demonstrated resilience and adaptability, leveraging policy changes to enhance export quality and maintain growth.