Saudi Arabia dominates in GCC chemicals industry

Saudi Arabia dominates in GCC chemicals industry

4:15 PM, 22nd July 2011
Saudi Arabia dominates in GCC chemicals industry

JEDDAH, SAUDI ARABIA: In the Gulf region, Saudi Arabia’s contribution to the chemicals industry and chemical products in the Gulf Cooperation Council (GCC) in 2010 exceeded 70 per cent of the total $73.2 billion of investment, followed by Qatar, Kuwait, Oman, UAE and Bahrain, respectively.

The latest statistics issued by the Gulf Organization for Industrial Consulting (GOIC) revealed that Saudi Arabia, being one of the leading exporters in the region, it exports of chemicals and chemical products amounted to $10.8 billion in 2005.

“Exports increased to $16.2 billion in 2008. Due to the global economic crisis, they decreased to $13.7 billion. The Kingdom’s imports also increased from about $5 billion in 2005 to $8.5 billion, while the same decreased to $7.6 billion in 2009, according to the latest GOIC statistics,” said the report.

As for Qatar, which is ranked second as an exporter of chemicals and chemical products, its exports in 2005 amounted to nearly $1.85 billion and rose to $2.4 billion in 2006.

Recent years have seen a steady rise in imports and exports of chemicals and chemical products in the GCC countries. Exports reached $14 billion in 2005 and up to $16.2 billion in 2006 and $20.7 billion in 2007. In 2008, they reached approximately $26 billion, before they were affected by the global crisis. In 2009 they declined to $22 billion.

In 2005, imports were estimated at nearly $10.8 billion. They rose in successive years, respectively, to nearly $14 billion, $17.9 billion, $23.2 billion in 2008, falling to $20.7 billion in 2009.

(C) DownstreamToday News

 

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