Japan's chemical industry still has not recovered to the level before the Great Kanto Earthquake
China Drying Network News Japan’s gross domestic product (GDP) for the period from April to June increased by 1.4% year-on-year, which was a positive growth for four consecutive quarters. At the same time as domestic demand was sluggish, due to the impact of the European debt crisis, the emerging countries’ economies had a downward trend, and the international market conditions for chemical products fell sharply and the business situation became more severe. Affected by this, the chemical industry in Japan, with the exception of pharmaceuticals, has not yet returned to its pre-quake level.
Thanks to the growth in market demand in emerging countries such as China, Japan’s chemical industry’s revenue has improved, but chemical production has not yet returned to its pre-quake level. In June, the chemical industry production index including pharmaceuticals was 106.1, which was roughly equal to the level before the earthquake. However, except for pharmaceuticals, the index fell from 96.7 in February last year to 85.6. In addition to domestic demand products such as personal hygiene products and cosmetics, due to the increase in automobile production and sales, the production of synthetic rubber steadily rebounded. However, the decline in petrochemical products was significant. In February last year, the production index was 97.0, which fell to 83.1 in June this year, and was lower than the pre-seismic level for 16 consecutive months. The production index has been hovering around 80, and the production of plastic products has declined significantly.
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