Report: Huge fall in Arab exports
The value of crude oil exports by the Arab States dropped from US$ 624 billion in 2008 to about US$378 billion last yearfollowing the decline in oil prices amid the global financial crisis, the Arabic finance portal www.nuqudy.com has reported. Citing a report by «the Organization of Arab Petroleum Exporting Countries» (OAPEC), it said the value of monthly exports of crude oil by the Arab States has fallen since August 2008 from US$74.5 billion to $ 21 billion in February 2009, while the quarterly proceeds fell from US$ 91 billion to US$65 billion in Q1 2009, when the average price for a barrel reached of US$52.5. The total value of Arab exports went down from over US$1 trillion in 2008 to about US$726 billion last year, a fall of 31.7 percent. The report stressed that the trade balance surplus for the Arab States decreased by about US$256.5 billion dollars last year, to stand at US$184.9 billion, having made a surplus of US$441.3 billion, say a decrease of more than 58 per cent.