Annual data for 2023 released by the German Chemical Industry Association (VCI) on March 15 showed that the output of the German chemical pharmaceutical industry in 2023 fell by 7.9% year-on-year, and sales fell by 12.2% year-on-year to 229.3 billion euros. VCI pointed out that the production reduction of the German chemical and pharmaceutical industry last year was mainly attributed to the lack of orders caused by the weak European industrial economic status and the decline in domestic and foreign sales caused by fierce competition.

VCI says 2023 is disappointing - good news for Germany is still scarce. Not only the chemical and pharmaceutical industry, but also the entire domestic economy is facing downturn and structural problems. But there are glimmers of hope. Since February this year, the order situation of individual companies has improved slightly, especially foreign orders. Despite these cautiously positive signs, VCI has yet to see any signs of an economic turnaround. Energy and raw material market conditions remain tense. The continued lack of orders and high production costs in Germany continue to weigh on business operations. VCI predicts that the German chemical pharmaceutical industry's full-year output in 2024 will stagnate at a low level. The industry's sales are likely to decline by 3.5% year-on-year this year.