Canada’s chemistry sector showed strong growth and profits in 2011, according to a year-end report released today by the Chemistry Industry Association of Canada. Sales of basic chemicals and resins totalled $25 billion in 2011 – an 18 per cent increase from 2010, nearly bringing sales back to their pre-recession levels – while operating profits rose 61 per cent, to $3.9 billion. In addition:
Export sales increased by 20 per cent to $19 billion;
Sales to U.S. markets grew by 21 per cent; and
Sales to Canadian customers rose 13 percent, to $6.5 billion
Despite solid profits in 2011, low-to-modest growth is forecast for the chemistry industry in 2012. CIAC members expect their sales to increase by only 2 per cent in 2012, as a result of global economic uncertainty, feedstock availability, the strength of the Canadian dollar, and rising electricity and labour costs.