Total trade in chemicals, including both imports and exports, in the U.S. expanded 3.5% in 2014, to $388 billion, according to the latest Weekly Chemistry and Economic Report from the American Chemistry Council (ACC; Washington, D.C.; www.americanchemistry.com). The 2014 expansion follows 2 years of modest contraction in the preceding years.
“U.S. exports of chemicals grew 1.1%, reaching $191.1 billion in 2014, while imports increased 5.9% to $196.6 billion,” the ACC report says. “Excluding pharmaceuticals, exports were down 0.9% while imports grew 2.9%,” the report adds.
Excluding pharmaceuticals, the trade surplus in the U.S. for chemicals was $40.9 billion in 2014, down from $41.1 billion in 2013, the report says.
ACC also looked at trade with major geographic regions. The U.S. is a net exporter to other North American countries and to South America, as well as net exported to the Asia/Pacific region. The U.S. is a net importer of chemicals from the EU, the report says, even when excluding pharmaceuticals.
According to the report, the week’s economic reports were mixed, with disappointing retail sales in the U.S. but tentative signs of growth in the Euro area.