EU chemicals report higher output in January, near 2007 production peak

EU chemicals report higher output in January, near to 2007 production peak

3:16 PM, 8th June 2011
EU chemicals report higher output in January, near to 2007 production peak

Full-year 2010 net exports reach all-time high while year-on-year sales grow by 17.2 per cent for the EU chemicals industry. 

 

BRUSSELS, BELGIUM: EU chemicals production pushed further upwards in January, increasing 7.0 per cent compared with January 2010, according to the latest Cefic Chemicals Trends Report. The report also released year-end 2010 figures for exports and sales that show strong increases, while the employment level contracted modestly.

 

“The production trend is encouraging as the EU chemicals sector continues to press on with export-led growth. The record trade surplus reflects a long-term trend of increased trade flows between the European Union and the rest of the world,” said Moncef Hadhri, Chief Economist, Cefic.

 

There was record trade surplus in 2010 and EU holds surplus with all major markets except China. Export data show a € 47 billion trade surplus for the EU chemicals sector in 2010, surpassing the record level set in 2009 by € 4.4 billion or 10.3 per cent. The trade surplus spike comprised a € 13 billion net trade surplus with non-EU Europe. The net trade surplus with Asia, not including Japan or China, was € 8 billion.

 

Also EU production growth moved on as per the report. Chemicals production was at 1.4 per cent below its peak 2007 level. The January 2010 EU production index was up 23.1 per cent from the low in December 2008.

 

Added to this, EU chemicals prices push up: 9.4 per cent increase in January, full-year 2010 prices up 5.5 per cent. The price upswing for the sector was mainly due to uncertainties surrounding the business climate in the Middle East. The year-on-year chemicals sales were up 17.2 in 2010 and December sales increased 17.3 per cent

 

March ESI is above its long-term average in five of the seven largest member states. Poland went back to just below its long-term average, while Spain remained well below it, the report stated. Among the seven largest member states, Poland (-3.1 points), Spain (-3.0) and Germany (-0.7) reported decreases, while the Netherlands (+3.1), the UK (+2.7) and France (+0.9) improved. Meanwhile, Italy (+0.1) remained broadly stable.

(C) WOC News

 

 

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