According to American Chemistry Council (ACC) Weekly Chemistry & Economic Trends report on January 13, 2023, chemical railcar loadings were up 8.7% to 27,356 for the week ending 7 January. Loadings were down 10.0% Y/Y (13-week MA) and have been on the rise for 7 of the last 13 weeks. Data released by the Association of American Railroads.
U.S. chemicals trade contracted in November by 6.2% as exports fell by 9.5% and imports fell by 2.5% in the month. The U.S. chemicals trade surplus dropped by $1 billion to $620 million in November. The YTD/YTD comparison on the balance was down by 2.7%. Chemical exports fell in all categories except for agricultural chemicals. Chemical imports fell in all sectors expect for agricultural chemicals and bulk petrochemicals and intermediates.
Sales of chemicals at the wholesale level rose 0.5% in November to $14.7 billion. Inventories also continued to decline, off by 2.1% to $16.4 billion. Compared to a year ago, wholesale sales of chemicals were up 11.8% Y/Y while inventories were up 17.7% Y/Y. The inventories-to-sales ratio fell from 1.15 in October to 1.12 in November. This was up from 1.06 a year ago.
Chemical import prices fell for a seventh consecutive month in December, down by 1.2%. Export prices also declined, down 0.8%. Compared to a year ago import prices remained ahead by 0.2% Y/Y while export prices were off 3.8% Y/Y. For the whole of 2022, chemical import prices were up 15.4% following a 17.8% gain in 2021.
The U.S. Geological Survey reported that monthly production of soda ash in October was 1,030 thousand tons, up 28.0% compared to the previous month and up 9.3% Y/Y. Stocks rose 26.3% over September to 298 thousand tons at the end of the month, a 9-day supply. Ending stocks were up 8.8% Y/Y.
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.
