WASHINGTON—Global chemicals production rose 0.6 percent in July, according to the American Chemistry Council's Global Chemical Production Regional Index.
That rate is a quicker pace than in June and May, as measured on a three-month moving average basis, according to a release.
During July, production increased in North America, Western Europe, Central and Eastern Europe and the Asia-Pacific region, but declined in Latin America, Africa and the Middle East. The global CPRI was up 2.6 percent compared to 2016 and stood at 111.1 percent of its average 2012 levels in June.
In North America, the CPRI rose 1.1 percent in the U.S., but dropped by 0.4 percent in Canada and 1.3 percent in Mexico.
The largest growth globally was in China and Taiwan, which both grew by 1.7 percent in July. India saw the greatest decrease by 1.8 percent.
During July, capacity utilization in global business for chemistry rose 0.4 percentage points to 80.6 percent. This is up from 80.4 percent last July and is below the 1987-2016 average of 88.8 percent.
Within the basic chemicals segment, synthetic rubber rose by 1.7 percent, the largest change by segment in July. Year-to-date, synthetic rubber has grown by 2.4 percent.
Results were generally positive on a product basis during July, with gains in pharmaceuticals, agricultural chemicals, consumer products, synthetic rubber, manufactured fibers, coatings and other specialty chemicals. Considering year-over-year comparisons, growth was strongest in coatings, followed by organic chemicals, plastic resins and agricultural chemicals.
ACC's Global CPRI measures the production volume of the business of chemistry for 33 key nations, sub-regions and regions, all aggregated to the world total. The index is comparable to the Federal Reserve Board production indices and is developed from government industrial production indices for chemicals from more than 65 nations accounting for about 98 percent of the total global business of chemistry.