European chemicals industry struggling to compete as costs surge
BASF plans major cost cuts as energy crisis saps profits
For the first time ever, the EU imports more chemicals than it exports, both in volume and value, resulting in a trade deficit of €5.6 billion for the first half of 2022. Meanwhile, BASF’s third quarter earnings were down 28% compared to 2021, owing to increased cost of energy and raw materials. As a result the company is planning a major cost-cutting programme.