The value of petrochemical products produced in Taiwan fell to NT$457.8 bln (US$15.28 bln) in January-March 2013, showing a decline of 8.1% year-on-year compared to production worth NT$ 498.31 bln achieved in same period of last year, according to a Government report.
The Industry and Technology Intelligence Services (ITIS), a research institute under the Ministry of Economic Affairs, attributed the decline to falling prices of petrochemical products on weaker global demand, as per Fibre2fashion News Desk.
Though prices of petrochemical products increased at the beginning of the quarter, they decreased during the later part of the quarter. The prices of ethylene dipped 5.5% month-on-month to around US$ 1360/ton in March 2013. However, Taiwan’s first quarter petrochemical output was 3.5% higher than the production worth NT$ 442.36 billion registered in Q4-2012.