In the first 10 months of this year, the total import and export of China's mineral and chemical industry achieved double-digit growth year-on-year. Data show that from January to October, the total import and export of the mineral and chemical industry was US$168.57 billion, accounting for 32.1% of the national total import and export, an increase of 15.1% year-on-year. Among them, exports of $638.5 billion, accounting for 21.3% of the total national exports, up 20.7% year-on-year; imports of $104.71 billion, accounting for 46.2% of the total national imports, up 11.9% year-on-year.

Accordingly, Jiang Hui, president of the China Chamber of Commerce for Metals, Minerals and Chemicals Import and Export, expects that the import and export of China's mineral and chemical industry will continue to maintain the momentum of growth this year, but by last year's high base and global inflation and other factors, the import and export growth will drop significantly.

Import and export product prices rose sharply

"In the first 10 months, the total import and export of China's mineral and chemical industry to achieve double-digit growth, mainly due to the growth of import and export product prices. At present, the import and export of the mineral and chemical industry is still facing a serious and complex situation." Jiang Hui said.

Since this year, China's five minerals and chemical industry export quantity slightly increased, export prices rose sharply. From exports, data show that from January to October, the number of exports of products in the mineral and chemical industry increased by 1.6% year-on-year, and export prices rose by 18.8% year-on-year. From January to October, China's steel exports 56.46 million tons, down 1.8% year-on-year, exports amounted to $82.3 billion, up 24.9% year-on-year, the average unit price rose 27.2%; exports of refined oil products 39.94 million tons, down 24.5% year-on-year, exports amounted to $35.9 billion, up 30.4%, the average unit price rose 27.2% year-on-year. The average unit price increased by 72.7% year-on-year.

From the import point of view, the number of imports of minerals and chemical industry fell slightly, and the import price rose sharply. Data show that from January to October, the import quantity of the mineral and chemical industry fell by 3.0% year-on-year, and the import price rose by 15.4% year-on-year. The top two commodities imported by the minerals and chemicals industry are crude oil and iron ore, and the number of imports declined slightly. from January to October, crude oil imports of 413.59 million tons, down 2.7% year-on-year, the import value of $ 299.3 billion, up 45.3%, the average unit price rose 49.4%; iron ore imports of 91.8 million tons, down 1.6% year-on-year, the import value of $ 108.6 billion, down 33.7% year-on-year, the average unit price rose 49.4%. The year-on-year decline of 33.7%, the average unit price fell 32.6% year-on-year.

ASEAN has become the main import and export market

Since this year, ASEAN market has become the main market for import and export of China's mineral and chemical industry.

In terms of exports, in the first 10 months, ASEAN and EU are the main markets for China's mineral and chemical industry exports, with double-digit growth in export value. "The official entry into force of the Regional Comprehensive Economic Partnership Agreement (RCEP) at the beginning of this year has brought opportunities for the exports of China's mineral and chemical industry. Currently, ASEAN is the number one export market for China Minmetals' chemical industry. In the first 10 months, China's mineral and chemical industry exported US$130.6 billion to ASEAN, up 26.6% year-on-year." Jiang Hui said.

The European Union is the second largest export market for China's mineral and chemical industry. from January to October, China's mineral and chemical industry exported $78.1 billion to the EU, up 25.3 percent year-on-year. "The rise in international energy prices has affected the production of EU enterprises, and the high start of production costs has led to the shutdown of some high-energy-consuming enterprises one after another. As one of the world's important production bases, to ensure production, the EU has increased its procurement of Chinese goods since this year. This has become the main reason why China's mineral and chemical industry has achieved significant growth in exports to the EU." Jiang Hui said.

On the import side, ASEAN and Australia are the main import markets of China's mineral and chemical industry. Data show that from January to October, China's five minerals and chemical industry imports from ASEAN 130.5 billion U.S. dollars, an increase of 17.2%. From January to October, China's mineral and chemical industry imported US$106.8 billion from Australia, down 18.5% year-on-year. Among them, China's imports of iron ore from Australia amounted to USD 70 billion, accounting for 65.5% of the total imports of China's mineral and chemical industry from Australia, down 30.3% year-on-year.