March 2, 2016 [OPIS] - The European Union's chemical output limped to 0.3% growth in 2015 although strong trade with the United States boosted the region's trade surplus, according to latest report from the European Chemical Industry Council (CEFIC).
The final quarter of 2015 recorded output growth of 0.6% year on year, from which a 2.6% decline in petrochemicals and a 1.6% drop in consumer chemicals was offset by 4.3% growth in specialty chemicals, 1.4% expansion in basic inorganics and 2.0% rise in polymers.
At the same time, Cefic reported that capacity utilization in the E.U. chemicals sector reached a “robust” 82.2%, up from 81% in the third quarter, nearing the long-term average of 83.1% from 1995-2014.
Chemical prices fell by 5.1% in the fourth quarter, led by petrochemical prices plummeting 13.4%, while prices decreased by 4.7% in 2015 overall.
The E.U.’s overall net trade surplus rose to 2.0 billion euros ($2.17 billion) in the first 10 months of 2015, largely contributed by the U.S. more than doubling its chemicals trade deficit from 3.0 billion euros to 7.55 billion euros, in addition to the trade deficit with China shrinking by 578 million euros. However, countering the surplus was a sharp contraction in net exports to Russia, one of the EU’s largest chemical trading partners, which plunged by 15.8% or 1.29 billion euros.
Total E.U. chemical sales fell by 3.0% during January to November 2015.
