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UK Chemical Industry Rebounds to Growth

Release Time: 2024-05-14 14:38:04


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The UK Chemical Industries Association (CIA) has recently released data indicating that the UK chemical industry has returned to growth. According to reports from UK chemical companies, sales increased in the first quarter of 2024 compared to the end of 2023, alongside higher production levels and better capacity utilization. The CIA stated that this is the first quarterly growth seen in the industry in two years. Furthermore, the industry maintains an optimistic outlook, with over 50% of companies expecting sales to rise, and over 40% anticipating increases in new orders, production levels, and capacity utilization.


Steve Elliott, Chief Executive of the Association, said:

"These latest results are positive, but the key question now is whether this marks the start of a sustained improvement. It has been a tough couple of years for the chemical industry." He continued, "An upturn in our more immediate commercial fortunes is, of course, very welcome, but it doesn't mask the longer-term challenge of establishing a more compelling UK investment case for chemicals – especially given that 4 in 10 companies have moved their production outside of the UK. We look forward to working with a new Government to address that urgent need."

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