International Trade & Economics
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| Economic Affairs |
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The chemical industry is a pillar of the European economy. It underpins virtually all other industrial sectors (textile & clothing, automotive, construction, etc.), and its products and services can be found in every area of life. |
People are often surprised at the size of the EU chemical industry. It is one of the top three industries in 11 of the EU's 25 member states and its annual sales (€ 556 billion in 2003) are greater than some member states' GDP.
Accounting for 34% of global output, the EU is the world's first largest chemicals-producing region - ahead of Asia and the USA. It is also the world's leading exporter and importer of chemicals, accounting for more than half of global trade.
The industry is also a major provider of jobs. Throughout the EU, some 25,000 chemical companies employ about 1.7 million people or 7% of all those working in EU manufacturing industry. Furthermore, chemical industry employees tend to be better qualified, trained and paid than the average industrial worker. Personnel costs in the EU chemical industry are typically 50% higher than in other manufacturing sectors.
As well as those directly employed by the industry, 3 million more work in sectors that supply the industry or rely on its products.
In short, the EU's wider economy is heavily reliant on the health and vitality of the chemical industry. EU politics and legislation that affect the chemical industry clearly have a strong impact on Europe's wider economy.
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| What future for European chemical industry? | |||||||||||||||||
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