A steady double-digit growth in the hydrocarbon exports helped Qatar register a robust 12.8% month-on-month increase in trade surplus to QR19.65bn in July 2023, according to the official estimates.
Qatar’s exports to South Korea, China and Singapore were on the rise this July compared to those in June 2023 according to the figures released by the Planning and Statistics Authority (PSA).
However, the foreign merchandise trade surplus reported 43.5% contraction year-on-year in the review period.
About 60% of the exports went to China, South Korea, India, Japan and Singapore. In July 2023, Qatar's shipments to China amounted to QR6.02bn or 20.7% of the total exports of the country, followed by South Korea QR4.14bn (14.2%), India QR2.79bn (9.6%), Japan QR2.03bn (7%), and Singapore QR1.96bn (6.7%).
On a monthly basis, Qatar's exports to South Korea zoomed 29.47%, China by 11.7% and Singapore by 1.19%; while those to Japan and India declined 17.64% and 11.98% respectively in July 2023.
On a yearly basis, the country's exports to Japan plunged 60.36%, India by 50.8%, South Korea by 18.58% and Singapore by 2.78%; whereas those to China shot up 60.78% in the review period.
The country's total exports of goods (including exports of goods of domestic origin and re-exports) were up 8.4% month-on-month to QR29.08bn. On an annualised basis, it tanked 34.4% in July 2023.
The country’s exports of petroleum gases and other gaseous hydrocarbons were valued at QR16.99bn, which grew 3.5% on a monthly basis; crude at QR5.36% (12.2%), non-crude at QR2.79bn (25.3%) and other commodities at QR2.81bn (16.3%) in July 2023.
On a yearly basis, the exports of petroleum gases and other gaseous hydrocarbons plunged 44.4%, other commodities by 28.8%, crude by 10.6% and crude by 5% in the review period.
Petroleum gases constituted 60.77% of the exports of domestic products in July 2023 compared to 70.34% a year ago period; followed by crude 19.18% (13.81%), non-crude 9.98% (6.76%) and other commodities 10.05% (9.11%).
Qatar's total imports (valued at cost insurance and freight) amounted to QR9.44bn, which showed a 0.2% increase month-on-month; even as it fell 1.6% on an annualised basis in July 2023.
The country's imports from China amounted to QR1.58bn, which accounted for 16.7% of the total imports; followed by the US QR1.35bn (14.3%), Germany QR0.64bn (6.7%), Italy QR0.63bn (6.6%) and India QR0.51bn (5.4%) in the review period.
On a monthly basis, Qatar's imports from Italy expanded 30.96%, Germany by 19.55% and China by 18.76%; whereas those from the US and India shrank 26.39% and 1.16% respectively in July 2023.
On a yearly basis, Qatar's imports from the US was seen plummeting 15.49%, India by 13.93% and China by 5.23%; while those from Germany and Italy gained 66.06% and 11.59% respectively in the review period.
In July 2023, the group of "Turbojets, Turbo propellers and Other Gas Turbines; Parts Thereof" was at the top of the imported group of commodities and valued at QR0.8bn, showing an annual expansion of 4.7%
In the second place was "Motor Cars & Other Motor Vehicles for The Transport of Persons”, with QR0.29bn, which however showed a decrease 9.3% year-on-year in the review period.
In third place was “Electrical Apparatus for Line Telephony/Telegraphy, Telephone Sets Etc.; Parts Thereof” with QR0.28bn, showing an annual decrease of 13.4%.