According to American Chemistry Council (ACC) Weekly Chemistry & Economic Trends report on November 11, 2022, chemical railcar loadings were up 5.5% to 32,803 during the week ending 5 November. Loadings were down 1.5% Y/Y (13-week MA), up 2.3% YTD/YTD and have been on the rise for 7 of the last 13 weeks.
Sales of chemicals at the wholesale level increased 0.4% in September and were up 18.9% Y/Y. Inventories were drawn down to a level 2.6% lower at the end of the month. Compared to the same time last year, they were still 24.9% higher. As a result, the inventories-to-shipments ratio for chemicals at the wholesale level declined to 1.13 from 1.7 the month before.
U.S. chemicals exports fell by 4.7% in September to $15.1 billion – a level up 19% Y/Y. Chemical exports were up to $137 billion YTD, a level up 21% YTD/YTD. Petrochemical exports (which were up 21% YTD/YTD) are about 58% of total chemicals exports. In September, exports fell in most sectors. By exception, exports of consumer products, agricultural chemicals, synthetic rubber, and synthetic fiber rose. Chemical imports fell by 2.0% in September to $12.9 billion – a level up 9% Y/Y. Imports were up to $117 billion YTD, a level up 25% YTD/YTD. Monthly-over-month, imports were down in inorganics, petrochemicals, resins, synthetic fibers, other basic chemicals and coatings. Year-to-date through September, the chemicals trade surplus was $20 billion, up 3% YTD/YTD.
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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