25 July 2013 11:46 [Source: ICIS news]
LONDON (ICIS)--Chemicals production in the EU fell by 1.1% year on year in May as a result of a drop in petrochemicals production levels, industry body Cefic said on Thursday.
EU petrochemicals production fell by 3.7% year on year during the month, while polymers and basic inorganics volumes fell by 0.5%, and specialty chemicals output fell by 1.6%. Consumer chemicals expanded slightly during the month, growing by 1.6% year on year, Cefic added.
Overall EU chemicals production was up 2.7% month on month compared to April.
The EU chemical industry confidence indicator, generated by Cefic, improved in May, but remains below standard levels.
“Production expectations for the months ahead contributed largely to the positive changes in confidence. However, current overall order books deteriorated slightly. Chemicals industry confidence remains below the long-term average,” Cefic said.
EU chemicals production for the first five months of the year was 2.1% below the same period in 2012, Cefic added. The data shows that the EU’s net trade surplus for chemicals was €16.9bn ($22.2bn) for the first four months of the year, driven by a €5.3bn positive trade balance with non-EU Europe, which was up €0.9bn compared to the same period in 2012.
“The EU net trade surplus with China narrowed to €0.4 bn in January-April 2013, from €0.6 billion in the same period the previous year,” Cefic said.
($1 = €0.76)
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