Qatar trade surplus widens to QR35bn in February, but imports grow faster

Qatar’s total exports of domestic products rose 3% to QR42.89bn in February mainly on robust shipments of gas.

Qatar’s trade surplus grew more than 2% year-on-year (y-o-y) to QR34.99bn in February this year, although imports grew faster than exports.

The energy-rich country’s total exports (valued free-on-board) rose 3% to QR43.28bn as there was a double-digit expansion in shipments to South Korea, India, China and the UAE, according to the preliminary estimates of the Ministry of Development Planning and Statistics (MD&PS).

Japan continued to be the top destination of Qatar’s exports, followed by South Korea, India, China and the UAE.

Qatar’s re-exports surged 9% to QR0.39bn during the review period.

The country’s total exports of domestic products rose 3% to QR42.89bn in February mainly on robust shipments of gas; even as those of crude and non-crude were on the fall.

Qatar’s exports of petroleum gases and other gaseous hydrocarbons (liquefied natural gas, condensates, propane and butane) expanded 9% to QR30.11bn. However, exports of non-crude petroleum oils and oil obtained from bituminous minerals shrank 13% to QR1.51bn, crude oils by 12% to QR6.46bn and other commodities by 6% to QR4.8bn.

Petroleum gases and other gaseous hydrocarbons constituted 70% of total exports of domestic products in February, 2014; followed by crude petroleum oils 15%, non-crude petroleum oils and bituminous minerals 4% and other commodities 11%. On exports destinations, Japan accounted for 29% of total exports in February, followed by South Korea 24%, India 12%, China 9% and the UAE 4%.

Qatar’s exports to the UAE surged 50% to QR1.89bn, China by 43% to QR3.69bn, India by 32% to QR5.39bn and South Korea by 12% to QR10.45bn; while those to Japan fell 7% to QR12.66bn.

Total imports (valued at cost insurance and freight) grew 5% y-o-y to QR8.28bn in February 2014 mainly on robust shipments from China and Germany.

The US, China, the UAE, Germany and Japan were among the top five destinations from where Qatar imported merchandise goods.

The US and China accounted for 11% each of Qatar’s imports in February, followed by the UAE (8%), Germany (7%) and Japan (6%).

Qatar’s imports from China soared 24% to QR0.89bn, Germany by 21% to QR0.6bn and the US by 2% to QR0.92bn, while those from Japan shrank 24% to QR0.49bn and the UAE by 2% to QR0.65bn.

Motor cars and vehicles, aircraft spare parts and other group commodities were mainly imported in February 2013.

The country’s imports of telephone sets and mobiles grew 19% to QR0.22bn, aircraft spare parts by 13% to QR0.53bn and other commodities by 6% to QR6.93bn; while those of motor cars and other vehicles fell 16% to QR0.6bn.