(MENAFN- Saudi Press Agency)
Dammam, Muharram 06, 1440, September 16, 2018, SPA -- Gulf Cooperation Council (GCC) exports of fertilizers have reached a historic record, at a time when protectionist policies are on the rise and continue to dominate world markets.
This came in a data report issued by the Gulf Arab Petro-Chemical and Chemical Industries (GIPCA), the organization representing the chemical industry in the Arabian Gulf, showing that the Arab Gulf exports of chemical fertilizers reached 20.4 million tons in 2017, a growth rate of 5.3% from the previous year, and a cumulative annual growth rate of 6% between 2007 and 2017.
The report explained that these growth figures are in contrast to the worsening tensions in global markets and the changes that trade policies impose among superpowers such as the United States, the European Union and China.
The GCC fertilizer sector remains an excellent export sector, with GCC companies exporting to 80 countries while, India, Brazil and the U.S. occupy the top three importing countries while Asia accounts for 55% of the total exports in 2017, followed by South America (21%), North America (15%) and Africa (7%).
According to the report, the industry is expected to continue to grow to reach 38.9 million tonnes in 2018 and 47 million tonnes by 2025, achieving a cumulative annual growth rate of 7.7 percent between 2007 and 2017 while the Kingdom of Saudi Arabia produces about half the GCC produces fertilizer for the year 2018 (46 .
--SPA
16:41 LOCAL TIME 13:41 GMT
0019
MENAFN1609201800780000ID1097441138
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.