13 November 2012 02:53 [Source: ICIS news]
RIO DE JANEIRO (ICIS)--Chemicals sales in Andean countries in Latin America are projected to grow by 6-8% in 2013, while similar expectations for 2012 will not be met, an industry source said on Monday.
Heavy rains and flooding hurt chemicals’ business in some countries in the region, particularly in Colombia and Ecuador, the source said on the sidelines of the Latin American Petrochemical Association (APLA) annual meeting.
However, Latin America chemicals markets have been performing satisfactorily, especially when challenged by global macroeconomic concerns, the European crisis and lower demand growth in China, according to the source.
The other Andean countries are Venezuela, Peru and Bolivia.
Among the issues facing Andean countries, consumer demand has been hurt by the reduction of remittances from expatriates working abroad to their families in South America. For example, remittances to Ecuador of around $1.8bn (€1.42bn) per year of three years ago have been reduced to $600m per year, as Latin Americans abroad lost jobs because of the global recession, the source said.
The APLA conference ends on Tuesday.
($1 = €0.79)
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