US chemicals production falls in July on softening exports
24 August 2012 21:16 [Source: ICIS news]
WASHINGTON (ICIS)--?xml:namespace>US chemicals production fell marginally in July from June, the American Chemistry Council (ACC) said on Friday, as export demand softened because of the European debt crisis and slowing economic growth in China.
The council said that its monthly chemical production regional index (CPRI) fell by 0.1% in July from June.
The CPRI had been flat in June compared with May.
The downturn in chemicals output, said ACC, was in contrast to the nation’s overall manufacturing output gain of 0.2% in July.
“Gains in the output of inorganic chemicals, industrial gases, consumer products and coatings and synthetic rubber were offset by lower production of plastic resins, fertilisers, adhesives, organic chemicals, pesticides, synthetic rubber and pharmaceuticals,” the council said.
While the US manufacturing sector continues to grow, the council said, the sector’s overall expansion has slowed since the first quarter “as export demand has softened due to the ongoing crisis in Europe and slower economic growth in China”.
Despite the July decline, ACC said that overall US chemicals production was up by 0.6% from the same month in 2011.
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