15% increase registered in chemical industry export during 1st Half

During the first half of 2004 export of chemical and pharmaceutical products registered a sharp increase of 15% to $2.9 billions, compared to same period last year.
 
In a statement given by Mr. Joseff Barnea, chairman of the chemistry & pharmaceutical sector at the Manufacturers Association, Mr. Barnea indicated that the recent port strike served a sever damage to the industry estimated at some $600 millions. Further, Mr. Barnea made it clear that frequent strikes damage the competitive edge of the industry and were the main reason for companies to move their production capacities to foreign markets.
 
Export of industrial chemicals, compared to same period last year, was up by 25% ( $684 millions ) human medicines and veterinarian products was up by 20% ($657 millions ) disinfectants by 19% ( $432 millions ), minerals 4% ($241 millions ) fertilizers by 12% ($124millions ) soap, detergents & cosmetics by 25% ( $102 millions ) paints by 9% ($46.5 millions ). However, export of petroleum and petroleum derivatives dropped by 22% ($156 millions )
 
Barnea added that the increase can be attributed to impressive investments made in the sector in recent years as well as the improved economic performance of the world economies. 35% of the export are sold to the USA market, 35% to Europe, 5% to England and 5% to Turkey.