(MENAFN) According to the Gulf Petrochemicals and Chemicals Association (GPCA), the GCC countries exported 39.5 million tons of chemicals to Asia last year, with China accounting for the largest share of these exports, The Peninsula Qatar reported.
China's development of its manufacturing sector has caused an increase in demand for raw materials, including chemicals, which resulted in the GCC chemicals exports to China growing by an estimated 13 percent per year over the last ten years.
"Given their significant feedstock advantage, petrochemical and chemical producers from the GCC countries have established strong foothold in China as their exports to this market have increased consistently over the past decade," Secretary-General of the GPCA said.
China, which is the world's biggest chemical market, is still growing at double digit rates, faster than the country's gross domestic product (GDP), resulting in the country's chemical industry to be valued at USD1.31 trillion last year.
The growth in China's chemical industry led to the country to import 3.01 million tons of PE from the GCC countries in 2013, which accounted for 34 percent of the country's total PE imports that year, while importing 1.18 million tons of PP, with exports from the GCC accounting for 24 percent of China's total imports.
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