RIYADH: Qatar’s private sector saw a 6 percent increase in its exports in the first quarter of 2024, according to the country’s Chamber of Commerce and Industry.
The nation’s news agency reported that foreign sales reached 2.53 billion Qatari riyals ($684.9 million), up from 2.39 billion riyals in the last three months of 2023.
The chamber highlighted that the value of exports beyond the Gulf Cooperation Council and Arab region rose by 12 percent from 1.79 billion riyals to 2 billion riyals.
Across the GCC, there was a 10 percent increase from to 438 million riyals, whereas the Arab region saw a fall of 54 percent to 92.9 million riyals.
When comparing export values by commodity type to the last quarter of 2023, fuel product exports rose 8.6 percent to around 528 million riyals.
Aluminum and its products saw a 10.5 percent decrease to 438 million riyals.
Exports of base and industrial oils dropped by 13.4 percent to 392 million riyals. Meanwhile, iron and its products surged by 89.4 percent to 275 million riyals.
Industrial gas exports increased by 25.2 percent to approximately 250 million riyals. Low-density polyethylene exports saw a record rise of 7811 percent, reaching 131 million riyals from just 1.66 million riyals in the previous quarter, according to the Qatar News Agency.
Chemical exports fell by 26.7 percent to about 93 million riyals, and petrochemical exports declined by 15.7 percent to 91 million riyals.
Paraffin exports rose 184.9 percent to 28.1 million riyals from 9.87 million riyals, while chemical fertilizer exports decreased by 82.2 percent to 10.5 million riyals.
These top 10 commodities represented 88 percent of the total private sector exports, amounting to 2.24 billion riyals, a 7.6 percent increase compared to the last quarter of 2023.
Asian countries, excluding GCC and Arab nations, were the top destinations for Qatari private sector exports, receiving around 1.06 billion riyals or 41.9 percent of the total.
The Member States of the Gulf Cooperation Council have made significant strides in trade cooperation, benefiting citizens and fostering advancements in investment and trade.
Member States have actively pursued enhancements in global market export conditions while advocating for the promotion and protection of GCC products.
The EU came second with 29.5 percent or 748.6 million riyals, followed by GCC countries with 22.5 percent or 571.5 million riyals.
Looking ahead, Qatar aims to strengthen its position in global energy markets, particularly in Europe and Asia. The nation is projecting a 13 percent increase in annual LNG capacity, according to Bloomberg.
Furthermore, collaborative efforts between GCC and EU officials are poised to enhance trade cooperation further, fostering mutual prosperity and sustainable development.
As outlined by PwC’s Qatar Economy Watch 2024 report, Qatar’s future energy strategy aims to reinforce its LNG export leadership, broaden energy production diversity, and enhance decarbonization efforts.
The country’s Chamber of Commerce and Industry explained that 101 nations received Qatari private sector exports in the first quarter of 2024, with African countries leading in number, with 24 nations, followed by Asia with 22 countries, and the EU with 20 states.
Delving into export destinations, the Netherlands emerged as Qatar’s top trading partner, receiving 408.6 million riyals in exports, equivalent to 16.1 percent of the total.
This strategic relationship extends beyond conventional sectors like oil and gas, encompassing education, sports, and infrastructure, signaling a broader partnership between the two nations.
The Port of Rotterdam and Ras Laffan port in Qatar are partnering to develop their LNG business with Shell, which is developing a massive gas-to-liquid project in Qatar.
Germany, the UAE, Spain, Saudi Arabia, and Kuwait were among the top 10 of countries to receive Qatari private sector exports, collectively accounting for 78.2 percent of the total 2.53 billion riyals.
