Coronavirus is having an unprecedented impact all over the world, not just in terms of affecting people’s health, but also businesses and the wider economy.
The Chemical Business Association (CBA) has now come out to say COVID-19 could have a “major impact” on supply chains within the UK chemicals industry, reported the Independent Commodity Intelligent Services (ICIS).
As Brits have been advised to socially distance themselves as much as possible, with Prime Minister Boris Johnson issuing guidelines to work from home, as well as avoid public transport and crowded places, this could mean those within the industry are unable to get to work and keep the supply-demand chain flowing.
Chief executive officer of the CBA Peter Newport said: “The cumulative impact of these measures will have a major impact on the chemical supply chain in the months to come and its ability to deliver critical chemical components to the UK manufacturing sector.”
This comes after the group’s Supply Chain Trends report for the last three months was published earlier this week, showing a positive trend for order books and sales.
Mr Newport stated the findings show “an industry emerging from three years of Brexit uncertainty”. However, it now has to face the measures put in place to counter the threat of the COVID-19 crisis.
This comes after Industry Week reported German chemical company BASF Group has saying COVID-19 could reduce global chemical production to 1.2 per cent.
This is a dramatic decline from 1.9 per cent last year, and represents the worst growth in the industry since the 2008 financial crisis.
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