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U.S. chemical production shows a decline this year

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U.S. chemical production shows a decline this year

Issue Time:2020-07-20
Economists from the American Chemical Industry Council (ACC) recently stated that the output and shipments of the US chemical industry will drop sharply this year, but will recover in 2021 and slightly exceed the production level before the new crown pneumonia epidemic by 2022.
Similarly, chemical trade will also be impacted. It is estimated that US chemical exports will fall by 14.5% this year to 116.3 billion U.S. dollars, and will rebound by 10.9% to 129 billion U.S. dollars in 2021. In 2022, US chemical exports will increase to 138.7 billion U.S. dollars, exceeding the level of 2019. According to ACC data, as US chemical imports are also declining, the US chemical trade balance is expected to stabilize at around 34 billion US dollars and rise to 38.5 billion US dollars by 2023.

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