GCC Fertilizer Exports Achieve Record Volumes Amid Rising Global Trade Tensions
Fakhir Rizvi 2 days ago Sun 16th September 2018 | 08:45 PM
DAMMAM, (UrduPoint / Pakistan Point News / WAM - 16th Sep, 2018) GCC fertilizer exports have reached historical record levels, as rising market protectionism continues to dominate global markets, new figures by the Gulf Petrochemicals and Chemicals Associations (GPCA), the voice of the chemical industry in the Arabian Gulf, have revealed.
According to figures by GPCA, fertilizer exports from the Arabian Gulf reached 20.4 million tons in 2017, growing by 5.3 percent year on year, and at a 6 percent CAGR between 2007-2017. Growth in regional fertilizer trade comes in stark contrast to escalating market tensions and changing trade policies between major economic powers such as the United States, European Union and China.
The GCC fertilizer industry remains heavily export-oriented, shipping its products to 80 countries from across the globe, with India, Brazil and the US revealed as the top three GCC export destinations. Asia accounted for 55 percent of total exports in 2017, followed by South America (21 percent), North America (15 percent), and Africa (7 percent).
The key role of fertilizers in ensuring food security, innovations in regional agriculture and new trade developments from across the globe will take the stage at the 9th GPCA Fertilizer Convention taking place on 18-20 September in Muscat, Oman.
Dr. Abdulwahab Al Sadoun, Secretary General, GPCA, commented: "Despite a continuing rise in global market protectionism, the Arabian Gulf region has enjoyed record high fertilizer exports in 2017, thus, cementing its position as a globally recognized hub for the production and export of fertilizers. To sustain and increase this growth, the industry would need to continue to explore new markets globally, and free trade will play a key role in ensuring its profitability and the sustainable development of the region, to which the industry is an important contributor."
"We are proud to be holding the GPCA Fertilizer Convention for the first time in the Sultanate of Oman – the third largest producer and exporter of fertilizers in the Arabian Gulf, and one of the fastest growing markets in the region – and look forward to another successful edition with the support of Oman India Fertiliser Company (Omifco), a subsidiary of Oman Oil Company, and the valuable participation of local government officials, industry leaders and international experts."