Global chemicals production declines in the first quarter
American Chemistry Council’s Global Chemical Production Regional Index (Global CPRI) shows that global chemicals production fell 0.3% in March, following a 1.0% drop in February, and a 0.6% decline in January. The last gain was 0.3% in December. During March, production gains were in North America, the Former Soviet Union, and Africa & Middle East with weakness elsewhere. The Global CPRI was up 2.0% year-overyear (Y/Y) on a 3MMA basis and stood at 113.9% of its average 2012 levels in February.
During March, capacity utilization in the global chemical industry eased 0.4% points to 84.1%. This is down from 85.6% last March and below the long-term (1987-2017) average of 86.5%.
ACC’s Global CPRI measures the production volume of the chemical industry for 33 key nations, sub-regions, and regions, all aggregated to the world total. The index is comparable to the Federal Reserve Board (FRB) production indices and features a similar base year where 2012=100. This index is developed from government industrial production indices for chemicals from over 65 nations accounting for about 98% of the total global chemical industry.