Saudi Arabia’s Petrochemicals Shipments Decline
Saudi Arabia, the world’s largest crude exporter, posted a 3.4 percent drop in petrochemicals shipments in May, Bloomberg reported. Companies including Saudi Basic Industries Corp. (SABIC) exported 2.59 million metric tons of the products in May compared with 2.68 million tons a year earlier, the port authority said on its website. That is 2.6 percent less than April when the country shipped 2.66 million tons, the data showed. Saudi Arabia reported an increase in petrochemical exports this year on rising demand from Asia, mainly China and Singapore, the country’s two largest importers. The kingdom shipped 12.6 million tons from January through May compared with 11.8 million tons in the year-earlier period, according to the port authority.