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October 09, 2025

Surplus growth doubles growth in petrochemical general machinery exports

In recent news, the petrochemical general machinery industry has achieved a significant milestone. For the first time in the first 11 months of 2007, the sector recorded double-digit growth in its trade surplus, marking a major breakthrough in its development history. This success highlights the industry's growing international competitiveness and strong export performance. From January to November 2007, both imports and exports continued to grow rapidly. According to customs data, the petrochemical machinery sector maintained robust growth since 2003. Imports reached $17.574 billion, up 16.94% year-on-year, while exports surged to $30.442 billion, reflecting a 46.7% increase. Due to this rapid export growth, the import growth rate slowed down significantly, resulting in a trade surplus of $12.826 billion. This figure more than doubled compared to the full year of 2006, showing a substantial improvement in the sector’s trade balance. Looking at exports, several key products experienced high growth rates. Products such as refrigeration compressors, petrochemical equipment, gas compressors, gas separation equipment, plastic machinery, and electrostatic precipitators saw growth exceeding 40%. Additionally, refrigeration and air conditioning equipment, various pumps, and oil drilling equipment parts grew between 30% and 40%. On the import side, some major petrochemical machinery products saw increased imports, while others declined. Pumps and petrochemical equipment experienced notable growth, with pump imports rising by 24.45% and petrochemical equipment imports increasing by 15.1%. However, imports of gas compressors and refrigeration compressors dropped, with gas compressors down by 15.4% and refrigeration compressors down by 5.4%. The Chinese government has implemented several policies aimed at optimizing the structure of imports and exports, improving product quality, and enhancing technological content. These measures are designed to shift the export growth model and boost international competitiveness. In addition, policies encouraging the import of advanced technologies have been introduced to reduce trade surpluses and promote industrial upgrading. One key policy is the "Notice on Encouraging Importation of Technologies and Product Catalogues," which supports the import of advanced machinery and technology. Three specific petrochemical machines are highlighted: centrifugal ventilators, large desulfurization dryers, and belt-type sludge concentrator filter presses. These products are expected to see increased demand due to policy support. Another important policy is the export tax rebate adjustment, which reduced tax refund rates for certain mechanical products to control export growth and improve commodity structure. This change may increase costs for exporters and require companies to focus on higher-value products. Additionally, new tax regulations for imported equipment in domestic investment projects were introduced, affecting some petrochemical machinery. While this policy may limit tax exemptions, it also encourages domestic production and innovation. The government has also introduced preferential tax policies for the import of key components used in the manufacturing of critical equipment. This aims to accelerate the revitalization of the equipment manufacturing industry and enhance China’s capacity in strategic sectors. Overall, these policies present both opportunities and challenges for the petrochemical general machinery industry. As the sector continues to develop, it must adapt to changing regulations, invest in innovation, and meet the evolving demands of the global market.

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