Chemical Processing - January 2008 - (Page 18) T he global economy is slowing, led by a pronounced weakness in the United States resulting from the housing downturn and the credit crunch. And this, of course, will signi cantly impact the chemical industry. Worldwide demand for chemicals will continue to grow but at a lower rate, forecasts the American Chemistry Council (ACC), Arlington, Va., a trade group whose membership includes major American chemical companies. Its “YearEnd 2007 Situation and Outlook” report issued in December predicts modest production rises in 2008 and 2009 of 2.1% and 2.3%, respectively, capital growth of 6.3% and 6.0%, respectively, and moderate increases in both pro t margins and R&D spending. This comes against the backdrop of strong performance by the U.S. chemical industry in 2007, notes ACC. Driven by the low value of the dollar and robust economic growth overseas, exports reached a record of $154 billon last year and are expected to continue to rise, to $169 billion this year and $180 billion in 2009. Last year saw the rst trade surplus in chemicals for six years, with exports outpacing imports by $500 million. The surplus should grow to $2.1 billion in 2008 but ip back to a $1.8 billion de cit in 2009, predicts ACC. 18 • January 2008 www.chemicalprocessing.com http://www.chemicalprocessing.com
For optimal viewing of this digital publication, please enable JavaScript and then refresh the page. If you would like to try to load the digital publication without using Flash Player detection, please click here.