MANILA, Philippines - Outbound shipments of the chemical industry are seen to rise by 17 percent to 24 percent this year due to strong demand.
Samahan sa Pilipinas ng mga Industriyang Kimika (SPIK) president Roberto Batungbacal said exports of the industry grew by more than a fifth from January to July this year compared to the same period last year.
He noted that exports of the chemical industry jumped 24 percent to $1.4 billion as of end-July.
The chemical industry’s exports have been growing at an annual rate of 17 percent per year.
Batungbacal said that apart from the strong growth already seen in the seven months to July, an expected pick-up in demand in the coming months will likewise support the rise in exports.
“Seasonally, production increases in the second-half because of stronger demand,†he said.
He noted that there are risks however, such as the rising oil prices as well as concerns in Syria following the Aug. 21 chemical attack which killed about 1,400 people.
Still, with chemical shipments seen to grow this year, the SPIK is optimistic it can attain the long-term export revenue targets set in the road map for the industry launched last month.
Under the road map, the chemical industry is aiming to generate $5 billion worth of export revenues by 2016 from $2.5 billion in 2011.
By 2030, the goal is for chemical export revenues to hit $30 billion.