By Santhosh V Perumal
Business Reporter
India appeared to be the fastest export earner for Qatar, while other major Asian trading partners imported less from the Gulf country, which reported a 17.9% shrinkage year-on-year in trade surplus to QR24.93bn in November.
Falling petrodollar earnings in view of weakened oil prices and higher imports led to a narrowed trade surplus of Qatar in November 2014, according to official figures.
The country’s total exports (valued free-on-board) shrank 10.7% to QR35.04bn as shipments to Japan, South Korea and Singapore were on the decline, whereas those to India showed a robust double-digit appreciation, said the Ministry of Development Planning and Statistics (MDPS).
The MDPS had cautioned that a prolonged weakening of oil prices could pose a key downside risk to the economic outlook.
“The economic outlook for 2014–2016 is still generally favourable, although falling oil prices could be a key downside external risk if they persist for long,” it said.
Japan continued to be the top destination of Qatar’s exports in November 2014; followed by South Korea, India, China and Singapore.
The country’s total exports of domestic products sunk 11.2% to QR34.31bn in November.
Qatar’s non-crude exports fell 45.9% to QR1.34bn, crude by 27.1% to QR5.51bn and petroleum gases by 6.3% to QR22.39bn; even as exports of other commodities grew 8.2% to QR5.07bn.
Petroleum gases and other gaseous hydrocarbons constituted 65.26% of total exports of domestic products in November 2014 against 61.87% a year-ago period; crude petroleum oils 16.06% (19.57%), non-crude petroleum oils and bituminous minerals 3.91% (6.42%) and other commodities 14.78% (12.11%).
On exports destinations, Japan accounted for 23% of total exports in September, South Korea 17%, India 14%, China 9% and Singapore 5%.
Qatar’s exports to Japan tanked 32.13% to QR7.92bnm; South Korea by 12.11% to QR5.88bn and Singapore by 20.36% to QR1.76bn; whereas those to India surged 33.99% to QR4.73bn and China by 2.92% to QR3.17bn.
Qatar’s re-exports expanded 18.3% to QR0.72bn during the review period. Total imports (valued at cost insurance and freight) grew 13.8% to QR10.11bn in November mainly on substantial jump in shipments from Japan, the US and the UAE.
The US, China, Germany, the UAE and Japan were among the top five destinations from where Qatar imported merchandise goods.
The US accounted for 13% of Qatar’s imports in November, followed by China (10%), Germany (8%) and the UAE and Japan (7% each).
Qatar’s imports from Japan shot up 43.06% to QR0.71bn, the US by 35.35% to QR1.34bn, the UAE by 25.38% to QR0.75bn, Germany by 23.21% to QR0.79bn and China by 16.61% to QR0.96bn.
Motor cars and vehicles, aircraft spare parts, electrical apparatus and other group commodities were mainly imported by Qatar in November 2014.
The imports of motor cars and other motor vehicles for the transport of persons expanded 38.5% to QR1.02bn, electrical apparatus by 30.8% to QR0.26bn and other commodities by 12.8% to QR8.17bn; while those of aircraft spare parts fell 6.2% to QR0.66bn in November.
