12 November 2010 22:14 [Source: ICIS news]
HOUSTON (ICIS)--The US chemical trade surplus grew significantly in the first three quarters of the year amid high exports of plastic resins and petrochemical derivatives, the American Chemistry Council (ACC) said on Friday in its weekly economic report.
Overall, the trade balance in the US chemical industry from the first through third quarters was a surplus of $3.4bn (€2.5bn), up significantly from $11m in the same period last year.
Exports of petrochemical derivatives and other industrial chemicals were $31.6bn in the first three quarters, far surpassing $13.7bn in imports.
Likewise, exports of plastic resins were $21.2bn, nearly tripling the $7.4bn in imports.
Overall, exports of basic chemicals were $60.6bn, outpacing imports of $36.6bn, the ACC said.
Meanwhile, specialty chemical exports were $19.4bn, almost doubling the $10.8bn in imports, according to the group.
The only sectors to take in more imports than exports were pharmaceuticals and agricultural chemicals.
Excluding pharmaceuticals, the surplus in chemicals was higher by $33bn from a year earlier, the ACC said.
Compared with the same period in 2009, US exports were up to all regions, the group said.
Exports rose by 53.5% to central and eastern Europe, by 33.5% to Latin America, by 31.2% to the Middle East, by 29.3% to Asia-Pacific, by 19.1% to Canada and Mexico, by 18.6% to Africa and by 5.6% to western Europe.
($1 = €0.73)Paul Hodges studies key influencers shaping the chemical industry in Chemicals and the Economy
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