In June, China’s industrial output accelerated to 15.1% over a year ago at this time, up from 13.3% year-to-year (Y/Y) in May, according to data compiled in the latest Weekly Chemistry and Economic Trends report from the American Chemistry Council (ACC; Washington, D.C.; www.americanchemistry.com).
Further, China’s 2nd quarter gross domestic product (GDP) was up 9.5% over last year, the report says. Elsewhere, India’s industrial production increased 5.6% in year-to-year comparisons in May, the slowest pace in nine months. Mexico’s industrial production rose to 4.6% Y/Y in May, from 1.4% Y/Y in April.
In the U.S., chemical output excluding pharmaceuticals, rose 0.9%, with “fairly strong growth in several basic chemical segments,” said the ACC report.
The ACC report also cited other recent economic data, which was mixed. There was an unexpected, albeit quite modest gain in retail sales, but the trade deficit for the U.S. rose to its highest level in three years, as export demand faded, the ACC report says. “As gasoline prices moderate and supply chains firm up, expectations are for stronger growth in the second half of the year,” ACC writes.