Saudi Arabia sees 21% rise in March non oil exports
Posted by ArabianBusiness.com
Thursday, 01 July 2010



EXPORT RISE: Saudi Arabia reported
a 21% rise in non oil exports in March,
as demand for petrochemicals and
plastics gained momentum.
(Getty Images)

Saudi Arabia, the Arab world’s biggest economy, reported a 21 percent rise in non oil exports in March as demand for petrochemicals and plastics gained momentum from global economic growth.

Non oil exports increased to $3 billion from $2.5 billion in the year earlier period, the official Saudi Press Agency reported, citing data from the Central Department of Statistics and Information. Saudi March imports advanced one percent to $7.97 billion.

Demand for plastics and fertilizers manufactured by Saudi Basic Industries Corp, the world’s largest petrochemicals maker by market value, has increased because of growing demand from the US and China.

The company, also known as Sabic, posted a net income of $1.44 billion in the first quarter, compared with a loss of $258.63 million, in the year earlier period.

The company’s chief executive officer, Mohamed Bin Hamad Al Mady, said on May 23 that he expects demand to grow 2 percent this year in Europe despite the Greece triggered debt crisis.

Saudi Arabia exported $959.8 million in petrochemicals, representing 31 percent of all non oil exports in March, $906.5 million, or 30 percent, in plastics and $453.2 million riyals in re-exported commodities, the Riyadh based news service reported, citing CDSI.

Data for the previous period wasn’t provided for petrochemicals and plastics.

News Link: http://www.arabianbusiness.com/591826-saudi-arabia-sees-21-rise-in-march-non-oil-exports