German chemical production will remain at a low level

The German Chemical Industry Association(VCI)stated that chemical production in Germany will remain at a low level in 2024,with industry sales revenue expected to decline by 3.5%due to price declines.

The German Chemical Industry Association did not see any signs of economic improvement and stated that”the German economy is still struggling,and the energy and raw material markets remain tense.The continued lack of orders,combined with high production costs,will continue to put pressure on performance.”.Therefore,the German Chemical Industry Association calls on the German federal government to implement proactive policies,as businesses need stable and affordable energy prices,reasonable regulatory and tax policies.

Entrup,Executive Director of the German Chemical Industry Association,stated that”the German economy urgently needs to recover,and this requires a shift in economic policies.”.

The German Chemical Industry Association stated that the EU should provide more support,provide incentive mechanisms,leave space for corporate action,and create an environment where the chemical industry can develop appropriately.

Data shows that in 2023,Germany’s chemical production excluding pharmaceuticals decreased by 7.9%,while chemical production including pharmaceuticals decreased by 10.4%;The sales revenue was 229.3 billion euros(approximately 1793.86 billion yuan),a decrease of 12.2%compared to 2022.