domestic demand performance
soft foam polyether：the latest data released by the national bureau of statistics shows that from january to july, the national real estate development investment fell by 6.4% year-on-year; among them, residential investment fell by 5.8%. from january to july, the sales area of commercial housing decreased by 23.1% year-on-year. sales of commercial housing fell by 28.8%.
real estate development prosperity index(source: national bureau of statistics)
the current nturn in real estate has also had a significant impact on upholstered furniture, home appliances, and cars , now the traditional peak season of “golden nine” is approaching, but polyether manufacturers say that orders are far less than the same period last year, limited by market demand, and the inventory digestion speed of nstream factories is slow. although polyether rebounded upward in august, nstream manufacturers mostly ordered by sales, just needed to follow up, and replenished at low prices, and the enthusiasm for chasing the rise was not high. this year’s qingming festival, dragon boat festival, mid-autumn festival and other small and long holidays, the “one-day tour” and “three-day tour” market is mostly purchased, and the overall trend is shortening.
rigid foam polyether: the output of refrigerators and freezers decreased year-on-year, and the decline narrowed, and domestic sales recovered month-on-month however, the export situation remained sluggish. in august, the weather was extremely hot in many parts of the country. under the power restriction policy in some parts of south china and east china, local home appliance and automobile factories had high-temperature holidays, or reduced production hours. construction industries such as thermal insulation boards, pipes and styrofoam are affected by factors such as macroeconomic slown, real estate pressure, and low allocation of project funds. the overall demand is low and the order for rigid polyether is far away. lower than the same period.
export performance
data released by the general administration of customs, in us dollars, exports in august were 314.92 billion us dollars, a year-on-year increase of 7.1 %, the growth rate dropped by 10.9 percentage points from the previous month, and the import was 235.53 billion us dollars, a year-on-year increase of 0.3%, a decrease of 2 percentage points from the previous month, and the growth rate of imports and exports was lower than market expectations.
for the export of polyether polyols, turkey, vietnam and india are still the top three export destinations the three together accounted for 23.6% of the total exports.
2022proportion of polyether polyols exported to top 10 countries from january to july (source: tiantian chemical network)
turkey first, in july china’s exports of polyether polyols to turkey fell by 13.0% from the previous month. turkey is currently facing a serious problem that inflation even exceeded the psychological threshold of 80% in august. in istanbul, turkey’s largest city, as the price of goods has almost doubled compared with the same period last year, some people frankly admit that basic daily necessities have now become luxury goods. about one-third of the population in turkey lives on the minimum wage. in order to guarantee the basic life of the working class, turkey has adjusted the minimum wage twice, raising it by 30% to 5,500 liras (about 2,103 yuan), but it is still difficult to match the rate of price increase and wage increase. people’s purchasing power is generally declining, and consumption of non-rigid needs such as upholstered furniture, cars, and home appliances is also greatly reduced.
followed by vietnam, in july china’s export volume of polyether polyols to vietnam fell by 24.5% month-on-month. the preventive health department of the ministry of health of vietnam stated that the number of newly confirmed cases of new coronary pneumonia in vietnam is currently on the rise. at the same time, the recent sharp decline in purchasing power in major markets such as europe and the united states has led to a reduction in orders for vietnamese factories. order shortages, strike waves, and layoff waves have emerged one after another. the production and operation of electronics, textiles, shoes, clothing, wood, steel and other industries are facing difficulties. although it is still operating normally, by september and october, orders will be unsustainable. according to the plan, the company will arrange for workers to take vacations at the same time. combined with the national day holiday, the factory will suspend production for 8 days. then, depending on the situation, the company arranges for workers to take saturday off and reduce overtime. it is expected that workers’ income will be reduced by 10%-20%. demand and purchasing power have generally weakened.
moreover, in india, domestic consumption growth is insufficient,7 in march, china’s export volume of polyether polyols to india fell by 12.1% from the previous month. come firstlook at a set of data:
- at present, the cumulative number of confirmed cases of new crown in india exceeds 4.28 million, second only to the united states, and is the second largest epidemic area in the world.
- data released by the indian economic monitoring center recently showed that in june, the unemployment rate in rural india rose to 8.03% from 6.62% in may, and the urban unemployment rate rose to 7.30% from 7.12% in may.
- data released by the central bureau of statistics of india on august 31 showed that from april to june, india’s manufacturing industry grew by 4.8% year-on-year, compared with 49% in the same period last year; the mining industry increased by 6.5% year-on-year, compared with 18% in the same period last year ; the construction industry grew by 16.8% year-on-year, and the data showed an increase of 71.3% last year. high inflation and the resulting cost increase continue to impact india’s manufacturing industry.
nt-family:”microsoft yahei”,sans-serif”>data released by the central bureau of statistics of india on august 31 showed that from april to june, india’s manufacturing industry grew by 4.8% year-on-year , while the data for the same period last year was 49%; the mining industry increased by 6.5% year-on-year, which was 18% in the same period last year; the construction industry increased by 16.8% year-on-year, and the data showed an increase of 71.3% last year.high inflation and the resulting increase in costs continue to impact india’s manufacturing industry.
