EU OX exports up sharply in July, August - Eurostat

23 October 2013 12:15  [Source: ICIS news]

LONDON (ICIS)--Exports of orthoxylene (OX) from the EU to the rest of the world in July and August saw a sharp rise compared with the same two months last year, data from European statistics agency Eurostat showed this week.

Meanwhile, imports into the region from the rest of the world over July and August were down significantly year on year.

Import/export data from Eurostat (units: tonnes)

Period

Import

Export

July 2012

12,661

4,249

July 2013

4,666

10,460

Volume difference

7,995

6,211

% change year on year

-63%

146%

Period

Import

Export

August 2012

9,140

3,602

August 2013

3,715

10,603

Volume difference

5,425

7,001

% change year on year

-59%

194%

This was a reversal of the first six months of 2013, when exports from the EU were down 30% from the same period last year.

However, a sharp drop in European spot numbers in July on bearish downstream sentiment combined with an upturn in the Asian downstream phthalic anhydride (PA) market helped open the arbitrage from Europe into Asia, and supported an increase in exports out of the EU.

Several PA shutdowns in Europe over August also helped free up some volume for export out of the region.

The sharp year-on-year increase for exports is also a reflection of the tightness seen in Europe in early 2012, when a raft of production problems limited domestic availability and pushed prices up to record highs.

Eurostat import/export data is subject to revision as more detailed information becomes available.


By: Truong Mellor
+44 208 652 3214



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