Spain’s chemicals sales down 8% in 2023 on poor demand; output up on pharmaceuticals

SAO PAULO (ICIS)–Spain’s chemicals sales – including pharmaceuticals – fell in 2023 by 8.2% to €82.5 billion on the back of lower demand and selling prices, the country’s chemicals trade group Feique said on Thursday.

Output rose by 1.8%, compared with 2022, but the increase came entirely from pharmaceuticals production, while industrial chemicals output fell on the back of lower demand and high input costs – mainly energy bills.

Overseas markets – includes intra-EU trade – continue being the largest customer for Spain’s chemicals, although sales abroad fell by 10.9% in 2023, year on year, to €59.6 billion on the back of lower prices; sales volumes fell by 1.9%.

In 2023, Spain’s chemical sector employed 233,000 workers, a 0.6% decrease from 2022.

In 2024, sales are expected to rise by 2.4%, compared to 2023, while output is expected to grow by 1.2%. Both figures are a slight increase from Feique’s prior forecasts published in October.

SPAIN CHEMICALS SALES
In thousand million euros

Source: Feique

SPAIN CHEMICALS EXPORTS
In thousand million euros

Source: Feique

SPAIN, EU PEERS OUTPUT 
2015: base 100

Source: Feique