According to American Chemistry Council (ACC) Weekly Chemistry & Economic Trends report on February 10, 2023, chemical railcar loadings were up 1,174 to 32,743 for the week ending 4 February. Loadings were down 10.5% Y/Y (13-week MA), down 9.8% YTD/YTD and have been on the rise for 7 of the last 13 weeks.
At the wholesale level, chemical sales fell 1.3% in December, following flat growth in November. Chemical wholesale inventories edged lower by 0.2% following a 2.0% decline in November. Compared to last December, sales were up 9.1% Y/Y while inventories were 15.3% Y/Y higher. As sales fell faster than inventories, the inventories-to-sales ratio for chemicals rose from 1.12 in November to 1.14 in December. Last December, the ratio was a lean 1.08.
The U.S. surplus in chemicals trade rose by $1.5 billion in December. Exports rose 2.5% to $13.7 billion. Declines in plastic resins, adhesives and sealants, and coatings were offset by higher exports in all other categories of chemicals. Imports fell 9.3% to $11.6 billion in December with declines across all categories.
Chemicals exports growth was generally strong after an initial COVID shock drop. Exports were on an upward trend since late summer 2020 but began to moderate in August last year. Chemical exports rose 16.9% to $179.0 billion in 2022. Imports growth also slowed down last year but, like exports, posted strong year-over-year growth and rose 20.4% to $154 billion in 2022. Net exports of chemicals were $24.5 billion in 2022, down $300 million from 2021.
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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ACC_EconomicsDepartment@americanchemistry.com
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.
