According to the latest chemicals trend report of Cefic, the European Chemical Industry Council, output of the European chemicals industry grew just 0.3 percent during the first eight months of 2015 compared to the same period of 2014. While producer prices fell 4.5 percent year-on-year, sales were down three percent during January-July 2015 compared to the same period of 2014.
Latest monthly data indicate output growth of 0.8 percent in August 2015 compared with August 2014, while EU chemicals prices dropped 4 percent. The EU net trade surplus was Euro 27.2 billion during the first seven months of 2015, widening by Euro 1.6 billion compared to the same period one year ago.
Petrochemicals output continued to slide in August 2015, down a significant 4.9 percent compared with August 2014. Polymers fell by 0.5 percent during the same period. The drop was partially offset by 5.1 percent growth in output of consumer chemicals. Basic inorganics and specialty chemicals generated considerable output growth of about 2.4 percent. By and large, EU chemicals output grew - just 0.8 percent in August 2015 year-on-year - and for the first eight months was up just 0.3 percent compared to same period of 2014.
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Total EU chemical sales dropped 3 percent during the first seven months of 2015 compared to the same period one year ago. Sales in July 2015 declined by 1 percent compared to June 2014, reaching the same level of sales as in July 2014.
The EU net trade surplus was Euro 27.2 billion during the first seven months of 2015, up Euro 1.6 billion compared to the same period one year ago. The net positive trade balance through July 2015 with non-EU countries - a group including Russia, Turkey and Switzerland - was Euro 5.2 billion, Euro 1.7 billion lower than in the first seven months of 2014. Accounting for this figure was a sharp fall in net exports to Russia, a key EU chemicals trading partner. Net exports declined significantly year on year, as exports to Russia fell 14.6 percent, or Euro 815 million, and imports rose 1.0 percent, or Euro 46 million. The EU chemicals trade surplus with Asia - excluding Japan and China - increased by Euro 481 million to Euro 4.64 billion. The EU’s net chemicals trade surplus with China contracted by Euro 618 million.
