The chart, taken from the weekly ACC report, shows just how badly chemical production has been hit in recent months:
N America. This region has been worst affected, with volumes down 12% in November versus 2007.
W Europe/CEE. Both regions were down 3% in October versus 2007
Asia/Latin America. These regions are just positive, with 1% growth.
Middle East. This region remains strong, with 14% growth, as new production based on advantaged feedstock comes online.
Overall, world growth is now a negative 1.9%, confirming that we are in a global recession. And core sectors for chemical demand such as housing and autos are still in decline. The blog therefore fears that the news on production will get worse, probably a lot worse, before it gets better.