News Description

HeadLines: Printers to Increase Prices by 15 %
Description: SOURCE: ME PRINTERS MAGAZINE 
Abdulaziz Bin Mohammed Al-Ghamdi, Chairman Manager of the Printing Committee in the Chamber of Commerce and Industry in Jeddah said that printers in the region are thinking to increase price of their products by the beginning of next month. He further said that the price increase would be a gradual process with an increase of 5 % at the beginning, followed by an additional 10 %. He said that as international prices of raw materials used in printing and packaging has gone up, printing presses have resorted to increase their service prices as a last resort to save their business. Earlier their efforts to reduce and rationalize operating expenses have not been fruitful and have caused financial damage to the printing and packaging sector in the kingdom. 
On the other hand, Al-Ghamdi in an interview with the Saudi Al Madinah newspaper, mentioned that the increase that have occurred in the industry is estimated to be about 20 % on paper (imported from Europe, Korea and China), 15 % on inks and a similar percentage on binding material (imported from Europe), in addition to the increase of 10 % on press room chemicals, which are also imported from Europe and Japan. Political unrest and natural disasters further suggest that there would be a further increase in the price of raw materials for the printing and packaging industry. Al-Ghamdi said that the increase will also include rise in shipment and insurance rates that will add on to the financial burden of the printing sector. He said that if this condition prevails, with the existing competition between the presses, the owners of small to medium presses will not be able to survive and will be soon out of market. 

Posted Date: 30 Jun 2014