09 August 2012 13:04 [Source: ICIS news]
LONDON (ICIS)--EU chemicals production fell 0.7% year on year in May with basic inorganics and petrochemicals the only two sectors to see significant production increases, of 4.4% and 3% respectively, trade group Cefic said in its latest Chemicals Trends Report on Thursday.
Polymers production declined 4.5% and specialty chemicals output edged down 0.3% while the manufacture of consumer chemicals edged up 0.2%, Cefic added.
May 2012 data also showed that the EU chemicals production level remained 4.7% below the peak in 2007, the trade group said.
Chemicals output in the EU also saw a year on year decrease, of 2.1%, in the first five months of 2012, it added.
Cefic also cited the latest EU Commission business and consumer survey results in noting that the EU chemicals confidence indicator (CCI) declined 2.9 points in July 2012, based mainly on a significant deterioration in managers' expectations for the months ahead of 5.2 points.
The survey also showed that managers’ assessment of their companies' current level of order books fell by 1.5 points.
Looking at prices for chemicals in the EU, Cefic's Chemical Trends Report said they continued to climb in May, rising 2.7% year on year, with the price increase yet again led by the overall price increase in basic inorganics.
Latest trade data show the EU chemicals net trade surplus improved through the first four months of 2012 by €2.3bn ($2.8bn) compared with the same period of last year, reaching €16bn, the report added.
($1 = €0.81)
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