01 February 2010 12:13 [Source: ICIS news]
SHANGHAI (ICIS news)--China’s foreign trade of products from its petroleum and chemical industries in 2009 fell by 23.2% year on year, the China Petroleum and Chemical Industry Association (CPCIA) said on Monday.
The industries’ combined imports and exports last year fell to $327.1bn (€235.5bn), the CPCIA said on its website.
Exports declined by 24.6% from 2008 to $99.01bn, while imports decreased by 22.6% year on year to $228.06bn, the association added.
In December 2009, the industries’ exports experienced growth for the first time last year – 11.5% year on year – and imports for the month soared by 81.4% after showing the first signs of growth in November, at 32.9%, the CPCIA said.
“The trade deficit exacerbated competition in domestic markets,” the CPCIA said, adding that international trade disputes hindered the exports of ?xml:namespace>
Despite projections that supply in the global petrochemical market in 2010 will outstrip demand, and that global protectionist trade policies and new production capacities from the Middle East will put pressure on
According to Lu Zhen, an analyst with Shenzhen-based Guosen Securities, China’s exports to southeast Asian countries will increase in 2010 due to the ASEAN (Association of Southeast Asian Nations) free trade agreement.
While fertilizer exports in particular are expected to rise, Lu said, imports of some chemical products like purified terephthalic acid (PTA) and 1,4-butanediol (BDO) will be likely curbed due to anti-dumping measures.
($1 = €0.72)
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