Cefic Chemicals Trends Report EU Chemicals Output up 7.0 Per Cent
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.
Brussels, Belgium – Cefic Chief Economist Moncef Hadhri commented: “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.”
Record Trade Surplus in 2010
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 and a €11.2 billion net trade surplus with the NAFTA region. The net trade surplus with Asia, not including Japan or China, was €8.0 billion. The EU-27 bloc posted a €1.3 billion net trade deficit with China, however, the only major trading partner to do so. The “Rest of Europe”, or non-EU countries in Europe, had the most trade with the EU market, as total trade between the two areas registered €61.8 billion in 2010, followed by NAFTA at €58.8 billion.