Chemical industry EU Chemicals Production Drops by 2.4 Percent in First Half of 2012
Europe's chemical industry is struggling with the effects of the sovereign debt crisis within the Eurozone: Chemicals production recorded a 2.4 percent year–on–year drop in the first six months of 2012, new data show. With this development, pre–crisis peak levels are still far: First-half 2012 data point to EU chemicals production levels remaining 5.8 per cent below their alltime peak in 2007.
The Euro–crisis takes its toll: EU chemicals production recorded a 2.4 percent decrease in the first six months of 2012 compared with the same period in 2011, the latest Chemicals Trends Report of the European chemical industry association Cefic shows. Monthly data for June 2012 showed a 2.2 per cent decline compared with June the year prior. First-half 2012 data point to EU chemicals production levels remaining 5.8 per cent below the peak in 2007.
Price Increase Bolsters Falling Production
Prices for chemicals in the European Union climbed on a year-on-year basis in June, up 1.6 per cent during the month against the comparable month in 2011. The price increase was led yet again by the overall price increase in basic inorganics.
However, month on month price data for June 2012 indicate a 1.2 per cent decrease compared with May. Despite a monthly break in the upward price trend, overall prices for chemicals climbed by 3.4 per cent during the first half of 2012 against the comparable period in 2011.
€ 3.6 Billion Trade Surplus in Chemicals
Latest trade data show the EU chemicals net trade surplus increased further through the first five months of 2012 by € 3.6 billion compared with the same period of last year, reaching €19.9 billion. But now confidence within the industry is dwindling as recent EU figures indiacate...