Market and product
EU chemicals production rises 7% in January - Cefic
BRUSSELS (ICIS)--EU chemicals production in January increased 7.0% year on year as the sector continues to move closer to the peak output levels of 2007, the European Chemical Industry Council (Cefic) said on Wednesday.
Chemicals production in the EU now stands at about 1.4% below the peak output achieved in 2007, Cefic said.
“The production trend is encouraging, as the EU chemicals sector continues to press on with export-led growth,” said Moncef Hadhri, Cefic’s chief economist.
In its latest chemical trends report, Cefic said the EU has a trade surplus with all major markets except for China. There was a €47bn ($67bn) trade surplus for the EU chemicals sector in 2010, up by 10% from 2009.
“The record trade surplus reflects a long-term trend of increased trade flows between the [EU] and the rest of the world,” he said.
In terms of output, polymers production in January rose by 6.5% year on year, while basic inorganics and petrochemicals rose by 5.9% and 6.0%, respectively.
Specialty chemicals production was up by 3.6% from January 2010, while consumer chemicals output rose by 9.3%.
EU chemicals prices in January increased 9.4% year on year. “The price upswing for the sector was mainly due to uncertainties surrounding the business climate in the Middle East,” Cefic said.
The March Economic Sentiment Indicator (ESI) in the EU was broadly unchanged at 107.4 and slightly down in the eurozone at 107.3, according to Cefic.
