London (Platts)--19Nov2010/701 am EST/1201 GMT
The European Union's chemical sector increased its trade surplus with the US in the first six month of this year by almost 10% from the previous year, although trans-Atlantic chemical exports grew less than exports from the whole manufacturing sector, data from statistics agency Eurostat showed. The combined value of chemical products exported by the 27 EU nations to the US rose in the Jan-June period by 7.4% on the year to Eur28.9 billion ($39.3 billion). With chemical imports from the US up 6.1% to Eur18.8 billion, the sector's trade surplus was 9.7% higher than a year ago at Eur10 billion. By comparison, the European Union's entire manufacturing sector boosted its trade surplus with the US by 53% year-on-year to Eur27.5 billion, as export values -- including chemicals -- rose 12.5% to Eur95.8 billion and imports grew a moderate 1.7% to Eur68.3 billion. The chemical sector accounted for 36.5% of the manufacturing trade surplus, versus 51% a year ago as exports of other crisis-depressed goods recovered. The trade data, published Thursday ahead of the EU-US summit in Lisbon Saturday, followed the release Monday of more comprehensive foreign trade figures. The EU's global trade surplus in chemicals rose in the January-August period by 20% year-on-year to Eur66 billion, beating the manufacturing sector average growth of 12%. Chemical export and import values rose by 21% each to Eur155.7 billion and Eur89.7 billion respectively. The chemical sector's share of the EU-27 industrial sector trade surplus grew to 58.8% versus 55% a year ago. The value of chemical goods exported from euro zone countries exceeded imports by Eur71.2 billion, marking a 22% rise in the trade surplus, with exports growing 20% to Eur176.7 billion and imports up 19% to Eur105.5 billion. Chemical trade accounted for 42.5% of the euro zone's manufacturing trade surplus, versus 41% a year earlier.--Inge Erhard, newsdesk@platts.comSimilar stories appear in Europe & Americas Petrochemical Scan.See more information at http://www.platts.com/Products/europeandamericaspetrochemicalscan/