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11/12/2013 12:00 AM
With the growing production continued
BAGHDAD - Agencies
continued Chinese economy slowing in 2013, where he was GDP growth in the last year of 8 percent has dropped to 7.5 percent last summer, and in the third quarter of the year returned growth to reach 7.8 percent, the rate at which the likely not continue. The impact of the slowdown on the global economy and particularly on commodity exporters. Demand China pushes prices of many commodities such as copper, which dropped its price a rate of 10.3 percent and aluminum, which fell by 12.1 percent and soybeans fell by 10.7 percent since the beginning of 2013.
does not vary as much with oil, where China was the largest consumer of energy in the world in the year 2010, when the request was a fifth of global demand. Despite the fact that China meet its energy needs through coal, but the need for oil and gas is still very large. Currently, China uses about 10.6 million barrels of oil per day with a growth rate of 6 percent per year since 1995.
are imported more than half of this amount, or about 6.3 million barrels a day, and provides GCC third of the quantity imported. According to IMF data on export values, which were issued late by about three months, issued the Gulf Cooperation Council is equivalent to $ 90 billion to China during the twelve months ended last June.
has reached Saudi exports 52 percent of this total, ie the equivalent of $ 48 billion, Omani exports came in second place with 18 percent of the total, more than $ 16 billion. Then came the UAE increased by 11.5 percent of the total GCC exports to China, followed by Kuwait rose 9.5 percent, followed by Qatar 8 percent. While Bahrain did not have a noteworthy role.
has long been the commercial relationship between the Gulf and China exciting. During the last five years alone, exports grew by 240 percent, but the flow of exports is clearly influenced by the gradual slowdown of the Chinese economy in the past year. A year ago, the growth rate of exports to China of 40 percent on an annual basis.
has continued this rate falling regularly until he reached to 0 percent in June, which does not grow. This is accompanied by the overall decline in exports Gulf two different directions, where the group of countries lose momentum rapidly. Still Omani exports to grow in spite of the decline compared to last year when the growth rate exceeds 50 percent, and arrived this year to 6 percent.
goes down Kuwaiti exports also more than that, where shrinking in size to China since February to now reach nearly 10 percent annually According to recent data. Saudi Arabia also exports have fallen an average of 6 percent from last year. The case of Saudi Arabia slightly different from the rest because they play the role of a source of emergency, and exports can be explained by looking at the changes in the global supply of oil, which affects China.
, but even with a slowing economy in the whole region, not all countries are affected to the same degree. فصادرات Qatar and the United Arab Emirates still increasing rapidly registered rates of 30 percent in Qatar and 20 percent in the UAE. Slowdown last modified market shares in the region, and the remaining Qatar and the UAE Mstvidtin until now because of the demand for gas, and the expansion of resources.
due One reason for this decline in exports to the price of oil, in the period between January and June of this year, the price of oil Brent nearly 10 percent. But the real Chinese demand was slowing too, which was a major cause of the decline in prices.
, China consumes 10 percent of the exports of the Gulf Cooperation Council only geographically المتوزعة. But it leads the global demand Arabia also controls global oil prices, which produces only 12 percent of the world's oil. Other factors that may explain this phenomenon is China's attempts to diversify its energy sources.
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