44 merck annual report 2004 chemicals business sector market leadership extended economic boom also felt in the chemical industry after a slight delay followed rest of economy and benefited from global growth with share around one third european union is leading manufacturer products ahead north america asia production europe grew by 1 5 sales increased 4 due primarily to rise exports high crude oil prices strong euro had curbing effect on upswing however chem icals united states developed very well demand higher domestic while significantly weak dollar whole 10 3 2 8 germany world s largest japan rose 0 although its showed decline overall impetus for again came abroad was already export leader 2003 growing can be seen
