Chemicals Market EU Chemicals Market With Little Grow as Industry Confidence Drops
A market survey by the European Chemical Industry Council Cefic indicates little development on the EU chemicals market. Only an 0.6 percent grow, compared to August 2010, was reached. This development is reflected in a drop in confidence on Europe's chemical market
Brussels/Belgium – Despite weak monthly figures, the European Union's output of chemicals remained positive during July and August. An 0.6 percent grow compared with August 2010 was seen by the latest Cefic Chemicals Trends Report. Production in August remained in positive territory for the second consecutive month after output in June dipped slightly into negative territory. Nevertheless, the figures indicate that the EU chemicals production is still 3.3 percent below its 2007 pre–crisis peak.
Price Increase Led By Rising Prices for Petrochemicals
Cefic's data indicate a near double-digit, year-on-year price increase for August, led again by an overall price increase in petrochemicals, up 14.5 per cent for the month compared with 2010. The EU chemicals sector net trade surplus reached €23.8 billion during the first seven months of 2011, off by €3.6 billion when compared with the same period in 2010.
Cefic Chief Economist Moncef Hadhri said: “World business climate uncertainty continues to hamper most European industrial sector growth. August EU chemicals output pushed further down year-to-date output growth, standing now at 2.7 per cent. The figure is in line, however, with the 2.5 per cent full-year 2011 forecast revised by Cefic in late September.”