02 September 2011 11:55 [Source: ICIS news]
LONDON (ICIS)--EU specialty chemicals and polymers output fell in June, dragging down the production index for chemicals, European trade group Cefic said on Friday, reflecting on official EU statistics.
“The pace of EU chemicals industry output decelerated slightly in the second quarter of 2011 as the weak world business climate and turbulence in the eurozone played a significant role,” Cefic chief economist, Moncef Hadhri, said.
“The monthly data for June showed a 1.2% decline compared with June 2010, a modest downturn in EU chemicals industry production after an impressive first three months of 2011 and positive year-on-year monthly growth in April and May,” Cefic added in a statement.
“Prices were up 9.6% during June compared with the same period the year prior. Year-on-year EU sales surged upward by 22.9% in May, and increased by 19.2% during the first five months of 2011,” it added.
Cefic noted that petrochemicals output was up 4.1% in June compared with the year earlier period; basic inorganics production was up 1.7% and consumer chemicals production up 4.6%.
Speciality chemicals and polymers output fell by 4.1% and 1.0% respectively.
EU chemicals registered a €17.2bn ($24.6bn) trade surplus in the first five months of the year down 9.3% compared with the first five months of 2010.
Cefic noted in its report that the “global economic upswing is faltering” with the worsening climate affecting appraisals of the current situation and forecasts.
The EU’s economic sentiment indicator fell in July but remains above its long-term average, the trade group added.
($1 = €0.70)
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