UK’s industrial production, exports plunge in July
The ONS reported that manufacturing output fell 0.8% in July while the country’s oil and gas production slipped 0.4%. The UK’s lower production output in July was attributed to shutdowns at auto factories during the summer months, which began earlier than usual, as well as lower production in weapon manufacturing.
Separate data from the ONS revealed that the UK’s exports plunged 12.6% while imports rose 0.8%, bringing total trade deficit to 3.4 billion pounds ($5.22 billion). The strong pound, the weak eurozone economy and the ongoing slowdown in the Chinese economy were cited as the main reasons behind the country’s lower exports. Lower chemical goods exports also contributed to the widening trade deficit in July.
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- Turkey’s PP, PE markets open post-Eid period with a cautious tone
- Global oil and petchem revenues hit by challenging market environment
- Tightness shapes expectations for Sept PVC pricing in Asia
- PP uptrend falters in Indonesia amid downstream resistance
- Will European PE market sustain uptrend following higher ethylene?
- COVID-19 resurgence weighs on polymer sentiment in Vietnam
- Stats: Turkey’s H1 polymer imports defy pandemic, hit all-time high
- Stats: China’s total PP, PE imports set a new record in H1 2020
- Lackluster demand outweighs tightness in Asian ABS markets
- Will costs drum up support for a 3rd-month-firming in Europe PET market?