Production from the global chemical industry rose 0.2% in February, the 11th gain in the past 12 months, the American Chemistry Council reports in its March 26 edition of Weekly Chemistry and Economic Trends.
The ACC report states that the string of increases in global chemical-industry production "continues to suggest that a sharp V-shaped recovery has engaged" at the global level. Production levels were up 10.1% compare to a year ago, based on a three-month moving average (3MMA), and stood at 127.7% of the average 2002 global chemistry industry production levels.
Comparisons to production from a year earlier show gains in every global geographic region, ACC notes, although early 2009 represents the trough of a steep downtown.
The economies of the so-called BRIC countries (Brazil, Russia, India and China) were among the leaders in their respective regions. For example, China posted a 22.9% chemical production increase over a year ago, and Russia a 30.9% increase, on a 3MMA basis.
Compared to a year ago, North America was up 7.3%, Latin America 11.2% and Western Europe 5.1%. The Asia-Pacific region increased 16.1%, while Central and Eastern Europe rose 18.8% and Africa and the Middle East was up 6.5%, according to the data compiled by ACC.
Data outlined in the March 26 ACC weekly report came from the ACC Global Production Index, which measures the production volume of the business of chemistry for 33 key nations, regions and subregions. The index is developed from government information on industrial production for chemistry, and accounts for about 97% of the total global business of chemistry.
In the U.S. specifically, the numbers paralleled the global trend, with U.S. chemical production up 0.3% in February, according to ACC. Production rose in all seven geographic regions of the U.S. (Gulf Coast, Midwest, Ohio Valley, Mid-Atlantic, Southeast, Northeast and West Coast) for the fifth consecutive month. Based on a 3MMA measurement, current U.S. chemical production is up 7.2% from a year earlier, says the ACC report.