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China’s Economic News: China’s Jan CPI Rises 2.1%, PPI Dips 0.8% On Year


China’s Jan CPI rises 2.1%, PPI dips 0.8% on year

For January, China’s Consumer Price Index (CPI) increased 2.1% on year and 0.8% on month, while its Producer Price Index (PPI) dropped 0.8% on year and 0.4% on month, according to the latest release from the country’s National Bureau of Statistics (NBS) on Friday morning.

China’s Jan manufacturing PMI back to expansion

China’s Purchasing Managers’ Index (PMI) for the manufacturing industry returned to the expansion territory in January after having hovered in the contraction zone for three consecutive months, the latest release by the country’s National Bureau of Statistics (NBS) on January 31 showed. The official PMI reading climbed by 3.1 index points from last December to reach 50.1 this month.

China refined oil planned exports up 6.63% in Feb

China refined oil planned exports jumped in February, as the first batch of refined oil export quotas rose and the export profit of refined oil was high, according to OilChem.

Refined Oil Planned Exports (Unit: ‘000 tonnes)

Refined oil planned exports

As can be seen from the table above that compared with last month, refined oil planned exports in February gained by 6.63% to 4.21 million tonnes, due to an increase in the volume of gasoil and jet fuel. Specifically, the volume of gasoil rose by 0.10 million tonnes or 4.47% to 2.24 million tonnes, that of jet fuel climbed by 0.26 million tonnes or 20.68% to 1.47 million tonnes, while that of gasoline cut by 0.09 million tonnes or 14.4% to 0.51 million tonnes.

However, compared with the actual export volume in February 2022, the volume of gasoline fell by 50.7%, but that of gasoil and jet fuel soared by 1,037.14% and 118.37% respectively, the data from OilChem showed.

Refined oil planned exports sustained a high level, as the first batch of refined oil export quotas reached 18.99 million tonnes, up 8.51% year on year, and the refined oil export profit were considerable recently, with the average export profit of gasoline and gasoil increasing by 43.5% and 38.5% month on month respectively, according to OilChem.

OilChem expects that refined oil exports might keep high in the first half of this year, on the optimism over economic recovery, despite the demand for gasoline might decline in a long term.

Source from mysteel.net

Disclaimer: The information set forth above is provided by Mysteel independently of Alibaba.com. Alibaba.com makes no representation and warranties as to the quality and reliability of the seller and products.

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