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| International |
| Sharp decline reported in Saudi-US trade |
| 2002-06-19 |
| The volume of Saudi-US trade dropped considerably in the first two months of this year, according to an official American report. While US exports to the Kingdom fell by 30 percent, the Kingdomâs exports to America dropped by 39 percent in the same period. The imports from the US had dropped by six percent in 2001 compared to the previous year. The major Saudi exports to the US are petroleum and petrochemical products, while the Saudi imports are parts of aircraft, machinery, food products, furniture and motor vehicles. That would seem to indicate that the oil industry is looking for sources elsewhere. Sunoco already says they're not using Soddy oil. Wonder how many other companies are doing the same? Meanwhile, British Ambassador to the Kingdom Derek Plumbly said the peopleâs boycott of Western products would run counter to the interests of Saudi investors more than anyone else. Most of the companies that happened to be the target of the boycott use Saudi capital employing a large number of Saudi workforce. âIt is quite natural that the boycottâs impact will be directly felt by Saudi nationals. Hence, the objective of the boycott will not be served,â he added.âUnder this circumstance, those who call for the boycott should reconsider it.â That's pretty normal with boycott actions. Doesn't seem to stop them, though. The whole boycott thing leaves me cold, mainly because there are so many of them. I put them in the same category as divestiture drives, which are more usually hysterical posturing than anything substantial. One the other hand, if given my druthers, I'druther not buy gas that puts dollars in the Soddy pocket or own stock in any country that benefits a Middle Eastern Arab country â or Iran or Pakistan. |
| Posted by:Fred Pruitt |