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FINANCIAL NEWS
Saudi May petrochemical exports up 39%
15 Jul 2011
(MENAFN) The Saudi Department of Statistics and Information said that in May, the Kingdom’s exports of petrochemical rose by 39 percent from the same month in 2010, reported Gulf News.
The department added that the value of the exports reached USD1.27 billion in the month compared with USD919 million a year ago; moreover, the surge came as a result of increasing prices and higher demand from Japan following the March earthquake and Tsunami and from China.
It also said that in March, Saudi exported 2.59 million tones of petrochemicals, whereas in April it exported around 2.66 million tones.
It is worth noting that in April, Saudi Arabia, the country with the largest economy in the Middle East, recorded a 20 percent increase in petrochemical shipments due to higher demand from Asia.
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