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Germany to drive import of chemicals as energy costs hikes

Germany to import nearly 40% of the inorganic chemicals in the first six months of 2022 The in-house production of declines as the cost of energy saw huge rise in Germany. The country is getting all the important chemicals from foreign countries as the industry giants like the BASF SE, as it struggles with the gas cuts from Russia.

Germany to drive import of chemicals as energy costs hikesAs the crisis grew, the import amount of chemicals has also increased to double in 2022. Germany imported about 3 billion tonnes of, specifically inorganic , ain just the prior six months of this year, which equals to about 40% in terms of volumes in the very same period. However, the in-house production of chemicals in Germany has declined as the chemicals manufacturers are curtailing the production because of the increased costs of gas and oil.

This shift accentuates the bowels of the energy crisis happening in Germany right now, that includes struggling with overpricing in comparison to neighbour countries as it depends on Russia for the gas supply. Hence, the drop in the domestic production could be sign of beginning of economic crisis in Germany.

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