By Moaaz bin Saad

Riyadh-Mubasher: Saudi Arabia’s petrochemical prices have declined significantly over the past period, and are expected to further fall 20% in the next quarter, said Mazen Al Sudairi, head of research at Al-Istithmar Capital in Riyadh.

The senior researcher added that China’s demand for Saudi petrochemical products will slightly be impacted by yuan devaluation.

In a surprising move to global markets, the People’s Bank of China pushed the yuan lower on 11 Aug. in the nation’s biggest devaluation in two decades.

China is Saudi Arabia’s biggest trade partner, as its exports to the Kingdom reached nearly $18.45 billion and imports amounted to $54.95 billion.

Translated by Abdul Maguid Aboshahla