Chemicals industry seeks to boost profits at US ports
Chemicals manufacturers are seeking to expand their profits in the US ports market.
The American Chemistry Council, the trade association representing chemical manufacturers, said in a statement Monday that “the US market has seen a marked increase in demand for advanced products, including pharmaceuticals, chemicals, plastics, pharmaceuticals and biopharmaceuticals.”
The industry group says this demand has driven an increase in manufacturing costs and reduced the margins on products that would otherwise go toward the export of products to other countries.
The Chemical Industry Association (CIA) is also lobbying to expand exports of pharmaceuticals to the US.
The industry association’s president and CEO, Brian McManus, said Monday that the industry is in the midst of an “economic miracle.”
“As the global economy continues to recover, we’re seeing a lot of optimism around the world about the future of the pharmaceutical industry,” McManum said.
“We’re excited to see our industry being able to continue to grow and to be able to serve a growing population, a growing world.”
In the last decade, the number of new drug applications approved in the United States have been on the rise, with more than $6 billion in approvals.
The number of approvals in the European Union rose by nearly 10% last year, according to the EU Commission.
The EU and US have been in a competition to expand export markets.
US President Donald Trump has also made it clear he wants to expand trade with China, and this could help the industry grow.
According to the CIA, China is the world’s largest consumer of chemicals.
It has been one of the main drivers of chemical exports to the United State.
The US exported almost $300 billion worth of chemicals to China last year.
Trump has repeatedly vowed to make China pay for the chemicals they send back to the country.
“The Chinese have been dumping toxic chemicals all over the world, including our shores,” Trump said in April, referring to a series of anti-pollution actions he’s taken since taking office.
The Trump administration is also trying to convince the Chinese to pay for goods they export back to their country.
Last week, the US and China agreed to allow Chinese companies to ship some products through customs.