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Global Chemicals Production Softens
Ohio Ag Connection - 10/12/2018

Global chemical industry activity eased in August, according to data collected and tabulated by the American Chemistry Council (ACC). ACC's Global Chemical Production Regional Index (Global CPRI) shows that global chemicals production fell back 0.3 percent in August. This follows a 0.2 percent gain in July, a strong second quarter, and a weak first quarter. During August, production declines were fairly steady across the board among regions but flat in North America and rising in Latin America, Africa, and the Middle East. After softness earlier in the year, the Global CPRI was up only 0.5 percent year-over-year (Y/Y) and 1.2 percent year-to-date (YTD) on a 3MMA basis and stood at 115.5 percent of its average 2012 levels in August.

During August, capacity utilization in the global chemical industry eased 0.5 points to 83.9 percent. This is down from 85.9 percent last August and below the long-term (1987-2017) average of 86.5 percent.

ACC's Global CPRI measures the production volume of the chemical industry for 33 key nations, sub-regions, and regions, all aggregated to the world total. The index is comparable to the Federal Reserve Board (FRB) production indices and features a similar base year where 2012=100. This index is developed from government industrial production indices for chemicals from over 65 nations accounting for about 98 percent of the total global chemical industry. This data is the only timely source of market trends for the global chemical industry and are comparable to the US CPRI data, a timely source of U.S. regional chemical production.

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