Argentina chem industries grow 3.5% year on year in Jan-Oct

13 December 2012 23:14  [Source: ICIS news]

MEDELLIN, Colombia (ICIS)--The gross production value of Argentina’s chemical and petrochemical industries in the first ten months of 2012 stood at $19.2bn (€15.0bn), an increase of 3.5% year on year, the country’s industry ministry said on Thursday.

The sectors’ joint trade deficit in the January-October period stood at $2.8bn, down by 12% compared with the same period in 2011, the ministry said.

“We are ending 2012 with leading industries that are flourishing in an adverse international context,” said Argentina’s Industry Minister Debora Giorgi.

Argentina’s Strategic Industrial Plan estimated that the chemical and petrochemical sectors’ gross production value in 2020 will hit $43.4bn, the ministry said.

The government-backed 2020 Strategic Industrial Plan was launched in 2011 and aims to reduce imports by 45%, increase production in ten key sectors, including chemicals and petrochemicals, and reduce the unemployment rate to 5%

By 2020 the industries will be enjoying a trade surplus of $200m, with exports projected to reach $7.5bn and imports reduced to $7.3bn.

These goals could be attained by identifying gaps in the market, developing products for future demand, such as non-conventional oil and gas, and seeking opportunities in emerging markets, the ministry said.

The Argentine government would provide specific financial instruments to support industry investment, the ministry added.

By: Simon West

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