According to American Chemistry Council (ACC) Weekly Chemistry & Economic Trends report on December 16, 2022, chemical railcar loadings were up 7.0% W/W to 30,258 during the week ending 10 December. Loadings were up 0.7% YTD/YTD and have been on the rise for seven of the last 13 weeks. However, on a 13-week MA, loadings were down 7.1% Y/Y, levels not seen since August 2020.
U.S. chemical exports declined in October by 1.8% or $267 million to $14.8 billion in the month. This was up 9% Y/Y and up 20% YTD/YTD but, the lowest monthly level since February. Exports of agricultural chemicals, inorganic chemicals, synthetic rubber, other basic chemicals and other specialty chemicals declined in October. Exports of consumer products, bulk petrochemicals and intermediates, plastic resins, synthetic fibers, adhesives and sealants and coatings increased in October. Chemical imports rose by 1.8% in October and were up $227 million to $13.1 billion. Imports were up 19% Y/Y and up 24% YTD/YTD. Imports of agricultural chemicals, most petrochemicals (including plastic resins) and adhesives and sealants fell in the month while imports of consumer products and inorganics, coatings and other specialties increased. The trade surplus in chemicals declined $494 million to $1.7 billion in October and the surplus stands at $21.7 billion YTD.
Chemical import prices fell for a fifth consecutive month in November, a drop of 2.1%. Export prices also continued to fall, down 0.3% during the month. Compared to a year ago, chemical import prices were down 0.4% Y/Y, while export prices were off 2.8% Y/Y.
Chemical production declined 0.4% in November and was down by 1.9% Y/Y. In November, production increased in agricultural chemicals and specialty chemicals. Production declined in basic chemicals and consumer products. Chemical capacity utilization is down to 78.5% from 79.1% recorded last month. Capacity utilization levels were 83.5 the year before.
Note On the Color Codes
The banner colors represent observations about the current conditions in the overall economy and the business chemistry. For the overall economy we keep a running tab of 20 indicators. The banner color for the macroeconomic section is determined as follows:
Green – 13 or more positives
Yellow – between 8 and 12 positives
Red – 7 or fewer positives
For the chemical industry there are fewer indicators available. As a result we rely upon judgment whether production in the industry (defined as chemicals excluding pharmaceuticals) has increased or decreased three consecutive months.
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American Chemistry Council
The American Chemistry Council (ACC) represents the leading companies engaged in the multibillion-dollar business of chemistry. ACC members apply the science of chemistry to make innovative products, technologies and services that make people's lives better, healthier and safer. ACC is committed to improved environmental, health, safety and security performance through Responsible Care®; common sense advocacy addressing major public policy issues; and health and environmental research and product testing. ACC members and chemistry companies are among the largest investors in research and development, and are advancing products, processes and technologies to address climate change, enhance air and water quality, and progress toward a more sustainable, circular economy.
