Value of petrochemical exports from Saudi Arabia falls in July

01-Oct-09

The value of Saudi petrochemicals exports fell 27.8% in July compared with the same month last year, after dropping 22.2% in the second quarter. Exports of petrochemicals from Saudi Arabia amounted to SR2.49 bln (US$664 mln) in July, according to data published on the website of the Central Department of Statistics. For Q2-2009, the value of petrochemical exports was SR7.02 bln, down from SR9.02 bln during the same period of 2008. The value of plastics exports fell 25.9% in July, but dropped 31.1% in the second quarter. Petrochemicals and plastics, produced by companies such as state-controlled Saudi Basic Industries Corp (Sabic) and Sipchem, account for about 54% of the overall value of the kingdom’s non-oil exports. Sabic and Sipchem’s Q2 profits fell 76% and 99% mainly because of the fall in global demand and lower prices.