Chemicals exports totaled $7.6 billion in the first half of 2008, 55% more than in the first half of 2007, says Manufacturers Association of Israel Chemical, Pharmaceutical & Environmental Society chairman Asher Greenbaum. Greenbaum also serves as EVP and COO at Israel Chemicals Ltd. (TASE: ICL).
Greenbaum attributes the export growth to an increase in global demand for chemical products and the result of investment in the industry and marketing efforts by companies. Global population growth was a contributing factor by increasing demand for fertilizers.
A breakdown of export figures shows that human and veterinary pharmaceutical exports totaled $2.3 billion in the first half of 2008, 42% more than in the corresponding half. Mineral exports totaled $950 million in the first half, up 187%, chemicals exports rose 30% to $932 million, and fertilizer exports rose 121% to $571 million. Oil and oil product exports rose 15% to $158 million, mostly because of rising global oil prices.
A breakdown of chemicals exports by destination showed that exports to Thailand totaled $54 million in the first half, up 126% on the corresponding half, exports to Turkey rose 19% to $277 million, exports to Canada rose 55% to $157 million, exports to Romania rose 21% to $20 million, exports to Nigeria rose 64% to $1.8 million, and exports to Sweden tripled to $7.9 million.
Chemicals exports to China rose 64% to $83.7 million, exports to India rose 170% to $275 million, exports to Malaysia rose 40% to $4 million, and exports to Taiwan rose 13% to $43.1 million.
Published by Globes [online], Israel business news - www.globes-online.com - on August 31, 2008
© Copyright of Globes Publisher Itonut (1983) Ltd. 2008