15 November 2012 11:58 [Source: ICIS news]
LONDON (ICIS)--EU chemicals production fell by 2.2% year on year in August, driven by sharp falls in specialty and consumer chemicals production, industry body Cefic said on Thursday.
Representing 12 consecutive months of year-on-year production decline, the data indicates that industry output remains 5.8% below its 2007 peak, Cefic said.
EU chemicals production was also down 2.2% for the first eight months of the year compared to the same period in 2011.
Specialty chemicals and consumer chemicals outputs fell 4.6% and 3.6% year on year, but contractions took place across all the chemical sectors that Cefic tracks in its monthly industry report.
Polymers output was down 2.8% year on year during the month, while polymers production dropped by 2.3% and basic inorganics output shrank by 0.2% during the period.
EU chemicals prices increased 1% year on year in August, driven by a 2.1% price hike for basic inorganics, while overall prices for chemicals increased 2.7% during the first eight months of 2012 compared to the same period in 2011, Cefic said.
After a slight recovery in September, confidence in the EU chemicals industry resumed its fall in October, dropping 2.4 points compared to the previous month. September had been the first month the industry confidence had risen since April, according to the EU’s chemicals confidence indicator (CCI).
The EU chemicals net trade surplus increased by €6.6bn ($8.5bn) in the first seven months of the year, reaching €29.1bn.
(Picture source - Cefic)
($1 = €0.78)
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