01 September 2010 14:55 [Source: ICIS news]
LONDON (ICIS)--The EU chemical sector is showing signs of gradual improvement as it recovers from the global economic crisis, but progress may slow in the second half of the year, according to data highlighted in a report on Wednesday.
EU chemicals production in June increased by 10.6% compared with the same period in 2009, according to Cefic’s (the European Chemical Industry Council) latest Chemical Trends Report.
The figures showed that production in the first half of 2010 grew by 14.3% compared with the same period of last year.
However, Cefic warned that although the sector would recover, it would do so at a slower pace than that achieved so far.
“Despite the overall trend, the monthly production index was lower during June 2010 - the first decline this year following increases during the previous five consecutive months," Cefic said. "If the current trend continues, the index suggests that the recovery of EU chemicals activity will occur at a slower pace in the second half of the year.”
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Figures also showed that the value of chemical sales in the EU throughout May rose by 24.5% compared with the same period of last year.
The EU’s chemical trade surplus with the rest of the world also improved, mainly due to an increase in demand for speciality chemicals from emerging Asia and the rest of Europe; in the first four months of 2010, the EU chemical trade surplus rose 22% compared with the same period in 2009.
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