https://arab.news/2gnsy
- Total exports amounted to around 30.2 billion riyals in July and imports reached an estimated 10.1 billion riyals
- China was the top destination for Qatar’s exports, followed by South Korea and India
RIYADH: Qatar’s foreign merchandise trade balance recorded a surplus of 20.1 billion Qatari riyals ($5.52 billion) in July, up 2.5 percent year-on-year, according to new figures.
The foreign merchandise trade balance represents the difference between total exports and imports.
Data released by the country’s National Planning Council further showed that the total exports of products, including goods of domestic origin and re-exports, amounted to around 30.2 billion riyals in July, reflecting an increase of 3.9 percent compared to the same month in 2023.
The Gulf nation’s imports of goods in July reached an estimated 10.1 billion riyals, showing an increase of 6.8 percent compared to the corresponding period a year earlier.
Since the launch of Qatar’s Vision 2030 in 2008, the country’s economy has experienced a solid 5 percent average annual growth. During this period, the nation has consolidated its position among the top three global exporters of liquified natural gas, established a world-class infrastructure backbone, and substantially grown the size of its sovereign wealth fund.
The data further revealed that the year-on-year surge in total exchanges was mainly due to higher exports of petroleum gases and other gaseous hydrocarbons like LNG, condensates and propane, among others, reaching around 17.6 billion riyals in July, an increase of 3.7 percent.
Crude petroleum oils and oils from bituminous minerals amounted to nearly 4.9 billion riyals, representing an 8.3 percent decline year on. year.
The statement also revealed a 5.2 percent decrease in non-crude petroleum oils and oils from bituminous minerals, reaching 2.6 billion riyals in the previous month.
In July, China was the top destination for Qatar’s exports with close to 5.9 billion riyals, a share of 19.6 percent of total exchanges, followed by South Korea with almost 3.8 billion riyals and a share of 12.6 percent, and India with about 3.7 billion riyals, a share of 12.2 percent.
The group “Turbojets, Turbopropellers & Other Gas Turbines; Parts Thereof” was at the top of the imported group of commodities, with 600 million riyals in July, showing a decrease of 31.4 percent year on year.
In second place was “Parts of Balloons Etc; Parts of Aircraft; Spacecraft Etc” with 270 million riyals recorded during the month, a decrease of 41.9 percent year on year.
In third place was “Medicaments Mixed or not, In Dosage Etc. Form,” with 260 million riyals recorded during July, reflecting a surge of 34.4 percent when compared to the same month in 2023.
China was the leading country of origin of Qatar’s imports with about 1.5 billion riyals in July, a share of 14.8 percent of the imports, followed by the US with almost 1.4 billion riyals, a share of 14.3 percent, and Japan with 0.7 billion riyals, a share of 6.5 percent.