By Santhosh V Perumal/Business Reporter
Steep decline in global energy prices appears to have taken a heavy toll on Qatar, whose trade surplus shrank considerably in January this year as exports plummeted amid rising imports, according to official figures.
The trade surplus of energy-major Qatar, which is fast powering its non-hydrocarbon segments as part of diversification, plummeted 48.3% year-on-year to QR18.54bn on substantially lower exports of crude, non-crude and natural gas, the Ministry of Development Planning and Statistics (MDPS) said.
The country’s total exports (valued free-on-board) plunged 36.7% to QR28.25bn as shipments to its top destinations saw a free fall.
The MDPS, in its recent Qatar Economic Outlook 2014-16 Update, had cautioned that a prolonged weakening of oil prices could pose a key downside risk to the economic outlook.
Japan continued to be the top destination of Qatar’s exports in January 2015; followed by South Korea, India, China and the UAE.
The country’s total exports of domestic products sunk 38.2% to QR27.27bn in January this year.
Qatar’s crude exports plummeted 58.8% to QR2.97bn, non-crude by 38.4% to QR0.91bn, petroleum gases by 37.5% to QR19.43bn and other commodities by 9.7% to QR3.96bn.
Petroleum gases and other gaseous hydrocarbons constituted 71.25% of total exports of domestic products in January 2015 compared to 68.53% a year-ago period; crude petroleum oils 10.89% (13.49%), non-crude petroleum oils and bituminous minerals 3.34% (2.47%) and other commodities 14.52% (15.51%).
On export destinations, Japan accounted for 24% of total exports in January, followed by South Korea 17%, India 13%, China 9% and the UAE 5%.
Qatar’s exports to South Korea tanked 47.99% to QR4.65bn, Japan by 47.26% to QR6.84bn, India by 42.44% to QR3.62bn, China by 38.02% to QR2.51bn and the UAE by 33.65% to QR1.4bn.
The country’s re-exports grew 99.8% to QR0.97bn in January 2015. Total imports (valued at cost insurance and freight) also rose 10.2% to QR9.7bn in January mainly on larger shipments from China, the UAE and the UK.
China, the US, the UAE, Germany and the UK were among the top five destinations from where Qatar imported merchandise goods.
China accounted for 11% of Qatar’s imports in January, followed by the US (10%), the UAE (8%), Germany (7%) and the UK (5%).
Qatar’s imports from China shot up 22.47% to QR1.09bn, the UAE by 14.49% to QR0.79bn and the UK by 2.58% to QR0.79bn; while those from the US fell 24.24% to QR1bn.
Motor cars and vehicles, aircraft spare parts, iron ores and concentrates and other group commodities were mainly imported by Qatar in January 2015.
The imports of iron ores and concentrates more than doubled to QR0.29bn, other group commodities surged 13.6% to QR8.19bn and motor cars and other motor vehicles by 11.1% to QR0.88bn; whereas parts of aircraft fell 50.4% to QR0.34bn in January 2015.
