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Russian chemical industry in financial crisis

     According to the Ministry of Industry and Trade of the Russian Federation the performance of the chemical industry in 2008 is 95.8% of the 2007 value. Thus, the index number showed a 4.2% abatement instead of the expected 3% rise. The financial crisis and the associated drop of demand for almost the entire line of chemical products have contributed to this recession trend: the drop in production in December, 2008 has amounted to 25% as compared to the peak value in July of the same year.Chemical industry growth in the previous years was irregular. The crisis has not found the domestic chemical industry in the best of conditions. Low competitiveness, debt burdens, and a dependency on foreign demand have showed their ugly faces. No wonder the global economic recession had serious repercussions regarding the Russian chemical manufacturers. The recession in the building and automotive industries, as well as the plummeting oil price, have all contributed to the petrochemical branch. The article points to the factors aggravating the development of the chemical industry in Russia, among which are temporal decline in demand for fertilisers, recession in the construction business and car production. Presently the chemical industry lives on hope, looking forward to some state support, with great expectations for the development of agriculture in the near term. The stimulation of agricultural producers will help to back up related sectors, such as the production of fertilisers and pesticides. In view of the coming seedtime and food price drop, a fall in fertilisers’ demand may be expected, and thus public support is becoming more vital.

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