Aenert news. Energy Market & Energy Statistics
The National Bureau of Statistics of China presented key statistical results for energy production in the first quarter of 2023 (2023 Q1), which are important indicators for overall assessment of the global economy. A special feature of this quarter is the fact that the calendar contains the longest domestic holiday, the Chinese New Year, which should certainly be taken into account for accurate economic analysis.
In the 2023 Q1 GDP at current prices, by production approach was 284 996.6 (100 million yuan) against 335,508 (100 million yuan) in the previous quarter, or 15% less. However, in 2022 Q1, this indicator was 271509.2 (100 million yuan), so when comparing data from the first quarter of the current and previous year, GDP growth is slightly less than 5%. The utilization rate of national industrial capacity was 74.3 % (decline by 1.98% from the same period last year, and 1.85% from the 2022 Q4).
The table shows comparative data on the production of other energy products.
China Energy Production 2022 Q1 - 2023 Q1
| Production/Q | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2022 Q4 | 2023 Q1 |
|---|---|---|---|---|---|
| Production of Crude Oil (average daily output, thousand tons) | 569 | 569 | 552.7 | 553 | 583 |
| Processing Capacity of Industrial Crude Oil (average daily Processing Capacity, thousand tons) | 1902.5 | 1765.7 | 1780.3 | 1936.7 | 2004.5 |
| Production of Natural Gas (average daily output, million cubic meters) | 630 | 580 | 550 | 630 | 665 |
| Industrial Power Generation (Average Daily Power Generation, TWh) | 21.94 | 21.53 | 25.13 | 22.66 | 23.01 |
| Import of crude oil (average monthly, thousand tons) | 42 616 | 41 556 | 39 306 | 45 983 | 45 463 |
| Import of natural gas (average monthly import, thousand tons) | 9 280 | 8 626 | 9 233 | 9 403 | 8 933 |
| Raw Coal Production (average monthly, million tons) | 360.79 | 369.98 | 376.60 | 388.03 | 383.8 |
| Coal Import (average monthly, million tons) | 17.3 | 21.0 | 28.7 | 30.8 | 33.9 |
Source: National Bureau of Statistics of China
Despite the long January holidays in China, production of major fossil fuels, excluding coal, increased significantly in 2023 Q1. Thus, crude oil production from January to March rose to a record high over the past year, reaching 52.36 million tons of crude oil, up 2.0% from a year before. At the same time, average daily processing exceeded 2 million tonnes per day (up 3.5% compared to the previous quarter).
Average daily natural gas production in 2023 Q1 reached 665 million cubic meters, significantly higher than in any of the previous four quarters. At the same time as natural gas oil production increased, imports of these products declined slightly.
In 2023 Q1, coal production growth, which had continued uninterrupted throughout the previous year, came to a halt, but the key development here was the significant increase in coal imports, which in March exceeded 41 million tons, or 80% more than in January and February. In addition, coal import growth in 2023 Q1 was 96% higher than the same quarter last year and 10% higher than the previous quarter.
Electricity generation in 2023 Q1 was up nearly 5% from the same quarter last year, and up 1.5% from the previous quarter, when there was a significant decline in generation.
Electricity Generation by type energy source
Source: National Bureau of Statistics of China
In 2023 Q1, there were noticeable changes in the structure of electricity generation compared to 2022 Q1. Thus, against the background of growing coal imports, the share of thermal power decreased by 1.2%, while the share of electricity generation through wind and solar power increased by 1.9% and 0.6%, respectively.
The share of power generation sources. Left – 2022 Q1, right – 2023 Q1
Source: National Bureau of Statistics of China
These energy sector statistics indicate that the Chinese economy, which slowed during the coronavirus pandemic, is continuing to recover. Although this process is relatively modest, it has an enormous impact on the entire global economy and has largely shielded it from obvious signs of recession.
By the Editorial Board
