Chemical trade surplus increases 14% in 1997 to $20.5 billion

It's an old, but largely happy, story for the U.S. chemical industry—another good year in foreign trade in 1997. The industry sent more chemicals overseas than ever before. And although imports of chemicals increased, they were not enough to put a damper on the chemical trade surplus, which also showed a healthy rise. Data from the Department of Commerce put the total value of chemical exports for last year at about $70.8 billion, a 13% rise from 1996. Imports of chemicals increased 12% to $50.3 billion. This produced an excess of exports over imports, or trade surplus, of $20.5 billion, 14% above the 1996 surplus. Last year's surplus, in fact, was the second highest on record: The largest chemical trade surplus was in 1995 at $21.3 billion. There might have been a record if it had not been for the fourth quarter. Through the first three quarters of the year, exports were up 13% to ...