The exchange rate change is a complicated issue, and it will affect the domestic market in many ways. It will undoubtedly be a negative and heavy blow to raw material import industries and industries with high foreign currency liabilities. Coating Purchasing Network learned that the petrochemical and basic chemical industries rank among the raw material categories with a large amount of imports in my country, and are also industries with high foreign currency debts, which can be described as a double attack.
As the RMB depreciation will increase the cost of raw materials converted into RMB prices, it will lead to a sharp increase in the cost of purchasing imported raw materials for the chemical industry, especially for those high-end consumer goods markets that rely on imported goods. According to public data, in 2022, various chemical raw materials in my country will be imported and purchased, among which more than 40 kinds of raw materials will be purchased in large quantities, and the annual import volume will exceed 43 million tons. The import volume of PX, methanol, etc. exceeds 10 million tons, and the import volume of ethylene, propylene, styrene, pure benzene, etc. exceeds 1 million tons.
Although my country's production capacity of more than 20 chemical products ranks first in the world and has formed a relatively complete industrial layout, but at the same time, the industrial structure of my country's chemical industry is mainly concentrated at the low-end level, and the high-end chemical new materials, high-end chemical equipment and cutting-edge technology are serious. Dependent on foreign countries. According to data from the Ministry of Industry and Information Technology, among more than 130 key basic chemical materials, 32% of the varieties in my country are still blank, and 52% of the varieties are still dependent on imports. Such as high-end electronic chemicals, high-end functional materials, high-end polyolefins, etc., it is difficult to meet the needs of the economy and people's livelihood.
That is to say, more than 40 million tons of imported chemical products may face the test of rising costs, and the continuous price hikes of overseas chemical giants since the beginning of the year also revealed a signal that the panic buying of tight goods and high prices will push a new round of price increases. With prices rising, the test for import-oriented companies has just begun.
Where will tens of millions of tons of chemicals be sold? The transfer of foreign trade to domestic sales is one of the important directions, but when the overseas European and American markets are shrinking, can the domestic market be able to accommodate the already excessive production of the chemical industry that continues to increase? The market with more monks and fewer food is getting more and more fierce, which means that the competition in the chemical market is becoming more intense. The victory or defeat of the share battle has been firmly tied to the fate of the company's survival.
The subsequent rise in the price of imported goods brought about by the depreciation of the renminbi will be transmitted to the domestic market, which may lead to rising prices, bring about the impact of imported inflation, and intensify the pressure on the entire industrial sector.
