German chemical segment increased by 3% in the first two quarters of 2014 with returns developing with 2% to €98bn, according to a report by German chemicals trade group Verband der Chemischen Industrie (VCI).
Sales were conducted by increasing demand for speciality chemicals and pharmaceuticals, which resulted in 85% capacity use.
During the six-month period, chemical prices fell by 2% and domestic sales increased 3.5% to approximately €40bn, compared with the same period last year.
Chemical imports increased 4%, while foreign sales were up 1% to €58bn, VCI said.
“Negotiations for TTIP commenced in July 2013 and are expected to continue until 2015.”
The Trans-Atlantic Trade and Investment Partnership, a free-trade agreement between the EU and the US, is expected to boost chemical production by €2bn, as well as support the region with 2,000 new jobs.
Negotiations for TTIP commenced in July 2013 and are expected to continue until 2015.
Earlier this year, opponents raised concerns over the proposed agreement, saying that the US food standards are lower than that of Europe, reported Bloomberg.
For the full-year, the VCI reaffirmed its outlook of 2% increase in chemical production and 1.5% rise in sales to approximately €193bn, with a slight fall in prices of 0.5%.