Higher exports of crude and non-crude as well as lower imports led Qatar report a modest 3% growth in trade surplus to QR7.41bn in February 2016 against the previous month’s levels, according to official figures.
However, the country’s trade surplus plunged 53.5% year-on-year (y-o-y) on lower exports and higher imports, the Ministry of Development Planning and Statistics said.
The y-o-y trade surplus shrinkage was rather due to precipitous decline in shipments to major Asian countries such as Japan, South Korea and China; while imports rose especially from Japan, the US, the UAE and Germany.
The country’s total exports (valued free-on-board) plunged 32.5% y-o-y to QR17.02bn and it fell 4.8% month-on-month.
The country’s total exports of domestic products shrank 33.9% to QR16.26bn in February 2016 and it fell 6.3% against the previous month’s levels.
Qatar’s crude exports jumped 35.5% month-on-month to QR2.17bn and non-crude by 9.9% to QR0.75bn; whereas those of petroleum gases fell 10.9% to QR10.35bn and other commodities by 13.4% to QR2.98bn respectively.
Against February 2015 levels, the exports of petroleum gases, non-crude and crude had plummeted 41.2%, 34.5% and 31.5% respectively; even as those of other commodities grew 12.5%.
Petroleum gases and other gaseous hydrocarbons constituted 63.65% of total exports of domestic products in February 2016 compared to 71.68% a year-ago period; crude petroleum oils 13.35% (12.9%), non-crude petroleum oils and bituminous minerals 4.61% (4.64%) and other commodities 18.33% (10.78%).
On export destinations, Japan accounted for 17% of total exports of Qatar in February 2016; followed by South Korea 16%, India 14%, China 10% and the UAE 7%.
Qatar’s exports to Japan witnessed the maximum fall of 58.52% y-o-y to QR2.92bn, South Korea by 37.53% to QR2.68bn and China by 15.35% to QR1.71bn; while those to the UAE grew 19.59% to QR1.16bn and India by 2.67% to QR2.31bn.
Against January 2016 levels, exports to China had risen 13.25%; whereas those to India, the UAE, Japan and South Korea fell 14.44%, 11.45%, 10.7% and 8.84% respectively.
The country’s re-exports had grown 21.6% y-o-y to QR0.76bn in February 2016 and it rose sharply by 41.9% compared to the previous month’s levels.
Total imports (valued at cost insurance and freight) expanded 3.5% y-o-y to QR9.61bn in February 2016 mainly on higher pace in shipments from Germany, Japan, the US and the UAE. Imports, however, shrank 10.1% compared to those in January 2016.
The US accounted for 12% of Qatar’s imports in February 2016, followed by China (10%), the UAE (9%) and Japan and Germany (8% each).
Qatar’s imports from Germany shot up 33.4% y-o-y to QR0.72bn, Japan by 25.94% to QR0.77bn, the US by 18.18% to QR1.17bn and the UAE by 11.76% to QR0.9bn; while those from China had fallen 10% to QR0.99bn.
Against January 2016 levels, the imports from the UAE and Japan rose 13.87% and 6.78%; whereas those from Germany, China and the US fell 36.09%, 17.5% and 9.3% respectively.
Motor cars, parts of aircraft and helicopters and electrical apparatus comprised the main components in Qatar’s import basket.
The imports of parts of aircraft and helicopters had risen 47.9% to QR0.58bn and other commodities by 2.1% to QR7.98bn; while those of electrical apparatus fell 9.7% to QR0.24bn and motor cars by a marginal 0.1% to QR0.81bn.
Against the previous month’s level, the imports of electrical apparatus, parts of aircrafts and helicopters, other commodities and motor cars fell 22.8%, 16.6%, 9.3% and 8.9% respectively.