01 November 2012 13:29 [Source: ICIS news]
LONDON (ICIS)--Germany’s chemical industry remains pessimistic about the near-term outlook, in spite of a 1.5% quarter-on-quarter increase in production in the third quarter, the country’s chemical trade group VCI said on Thursday.
Business in the chemical industry is stagnating, and the slight sequential increase in production is not a sign that the trend changed, VCI president Karl-Ludwig Kley said in an update.
“We only see slim chances for an upswing in the EU at this time,” Kley added.
Compared with the 2011 third quarter, Germany’s chemical production was down 0.5% year on year.
Third-quarter chemical sales remained almost unchanged at €44.9bn ($58.3bn), compared with the second quarter, as prices fell 0.7%.
Domestic sales were down 1%, although export sales rose 1%, led by exports to the US, South America and Asia.
Compared with the 2011 third quarter, sales were up 2% in quarter three of 2012.
VCI maintained its previous 2012 full-year forecast of a 3% year-on-year decline in production.
($1 = €0.77)
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