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VCI withdraws German Chemicals 2022 outlook

 Last Update: 2022-04-25
 Source: Internet
 Author: User

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Sinochem News recently, the German Chemical Industry Association (VCI) announced that it has withdrawn the previously released 2022 outlook for German chemical industry
.

"The Russian-Ukrainian conflict has wiped out any hope of positive economic trends this year," the agency said

The chemical industry is energy- and raw-material-intensive, and soaring oil and gas prices have made an already challenging situation more difficult, VCI said
.

In a recent VCI survey, 70% of member companies said their business had serious problems due to high energy prices

The VCI said that the economic interdependence of the German chemical and pharmaceutical industries with Ukraine and Russia is manageable but not insignificant
.

Russia and Ukraine accounted for nearly 3 percent of Germany's chemical and pharmaceutical exports, totaling 6.

VCI Director-General Wolfgang Gross Entrup said the ban on gas imports from Russia would have a very important impact on the German chemical industry
.

Severe cuts in industry production levels will affect not only large energy-intensive companies, but also medium-sized companies and even all sectors

In addition, the VCI has called for the postponement of the EU Sustainable Chemicals Strategy project to amend the Registration, Evaluation, Authorisation and Restriction of Chemicals (REACH) legislation
.

The EU's Carbon Border Offset (CBAM) project could also be delayed in the event of a geopolitical conflict, the VCI said

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