31 October 2008 19:10 [Source: ICIS news]
HOUSTON (ICIS news)--Third-quarter chemical volumes declined in every region in the world to levels not seen in at least 10 quarters, an analyst with Bank of America (BofA) said on Friday.
Overall, numbers from third-quarter earnings reports show that global chemicals volume fell by 3.3%, said Kevin McCarthy, an analyst with Bank of America.
In North America, volumes shrank by 6.8% or -3.4% once hurricanes are discounted, McCarthy said. Asian volume growth slowed to 2.6%, compared with 12.7% growth in the second quarter.
Third-quarter demand in Europe fell by 3.6%, versus a growth of 5.5% in the second quarter.
In Latin America, third-quarter volumes grew by 0.6%, versus 6.7% growth in the second quarter.
Worldwide, third-quarter chemicals demand fell because overall economic growth slowed down, McCarthy said. In addition, many chemical buyers have stopped purchases as they waited for prices to drop further.
Overall, while many chemical companies beat expectations, their outlooks are more pessimistic, McCarthy said.
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