US January chemical shipment values nudge higher

HOUSTON (ICIS)–US January chemical shipment values increased slightly over the same month last year, according to data released on Tuesday by the US Department of Commerce.

The value of US-made chemical shipments totaled $68.06bn in January, not much more than $67.94bn during the same month of 2017.

In the broader economy, January shipment values for all US manufacturing industries rose 4.2%.

The Census Bureau separates chemical shipments into four sectors: pesticides and fertilizers; pharmaceuticals; petrochemicals; and chemicals used in paints, coatings and adhesives.

Three of the four sectors increased in January, with the biggest gain in paints and coatings, up by almost 23%, marking the seventh out of the past eight Januarys in which that sector has showed a positive gain.

The largest sector, petrochemicals, rose by 5.6% from January 2017, reflecting an increase in oil prices, which were in the low $50s/bbl range in January a year ago and in the low $60s/bbl in the first month this year.

Pharmaceuticals increased by a little more than 8%, up in four out of the past five Januarys.

Pesticides and fertilizer values fell by about 3% from the same month last year. Values for that sector have increased in three of the past five Januarys.

Chemicals ranked third among the largest US non-durable goods industries in January, behind transportation equipment at $81.47bn. Food products ranked second at $68.78bn.