Qatar’s private sector exports jumped 10% in February 2021, according to Qatar Chamber’s April edition of its monthly economic newsletter, which also includes foreign trade data for the same period.
The newsletter, prepared by the chamber’s Research & Studies Department, highlighted the additional support packages to mitigate the economic impact of Covid-19 on the private sector and Industrial Investment Opportunities Forum, which will be held in December.
The total value of foreign merchandise trade for February 2021 stood at QR28bn, or a 3.8% decrease compared to the previous month. In February 2021, total exports of goods (including exports of goods of domestic origin and re-exports) amounted to around QR20.6bn, or a 3.3% decrease compared to QR 21.3bn in January.
The imports in the said month amounted to around QR7.4bn, or a 5.1% decrease compared to QR7.8bn in January. Therefore, the country’s foreign merchandise trade balance, which represents the difference between total exports and imports, showed a surplus of QR13.2bn.
In February 2021, China topped the list of the countries of destination for Qatar’s foreign trade with QR4.5bn, a 15.9% share of the state’s total foreign trade.
Private sector trade in February, based on the certificate of origin issued by the chamber, exceeded QR1.64bn, or a 10% increase over QR1.49bn in January.
This increase in private sector’s exports is attributed to the increase of exports through the General Model certificate of origin, which increased by 16%; Unified GCC model, which increased by 38%; and the GSP model, which grew by 17%. Exports through the Unified Arab Model decreased by 13%, while exports through GCC to Singapore also decreased by 89%.
Private sector exports in February showed its ability and the Qatari economy in general, to overcome the repercussions of the Covid-19 pandemic and returning to pre-pandemic levels, the newsletter stated.
The value of private sector’s exports in February jumped by 190% compared to April 2020, which is the lowest value due to Covid-19 precautionary measures. However, it decreased by 16% compared to February 2020 in which exports registered the highest level.
The private sector’s top exports in February were petrochemical substances, which increased by 143.9% compared to January. This was followed by paraffin, which increased 111.2%, steel was up 65.4%, and aluminium with a 65.4% increase. Lutreine exports were also up 44.9% and chemical substances with an 8% increase.
Exports of other commodities like chemical fertilisers, industrial gases, and essential oils and industrial gases decreased by 99.1%, 41.9%, and 9.6%, respectively.
In February 2021, India topped the list of countries of destination for private sector exports with close to QR315mn, or a 19.2% share of the total exports. Oman followed with almost QR260mn and a 15.8% share, and Hong Kong with QR218mn (13.2% share). The Netherlands registered QR148mn (9.0%), and Turkey (QR145mn, 8.8%). The value of private sector exports to these countries represented 66% of the total value of exports during the same month.
Asian countries were at the top of economic blocs that received private sector exports worth QR841mn with a 51.1% share of the total value, followed by GCC states with a share of 21.6% on exports worth QR356mn.
EU states registered exports worth QR320mn, representing 19.5% of the total value, followed by Arab countries, excluding GCC states that received QR60mn (3.6% share) and the US with exports worth QR49mn (3%).
The group of African countries (excluding Arab countries) exported QR18mn worth of goods, or a 1.1% share, followed by Other European Countries, which received exports worth QR0.9mn (0.1%).
The total value of foreign merchandise trade for February 2021 stood at QR28bn, or a 3.8% decrease compared to the previous month. In February 2021, total exports of goods (including exports of goods of domestic origin and re-exports) amounted to around QR20.6bn, or a 3.3% decrease compared to QR 21.3bn in January.
The imports in the said month amounted to around QR7.4bn, or a 5.1% decrease compared to QR7.8bn in January. Therefore, the country’s foreign merchandise trade balance, which represents the difference between total exports and imports, showed a surplus of QR13.2bn.
In February 2021, China topped the list of the countries of destination for Qatar’s foreign trade with QR4.5bn, a 15.9% share of the state’s total foreign trade.
Private sector trade in February, based on the certificate of origin issued by the chamber, exceeded QR1.64bn, or a 10% increase over QR1.49bn in January.
This increase in private sector’s exports is attributed to the increase of exports through the General Model certificate of origin, which increased by 16%; Unified GCC model, which increased by 38%; and the GSP model, which grew by 17%. Exports through the Unified Arab Model decreased by 13%, while exports through GCC to Singapore also decreased by 89%.
Private sector exports in February showed its ability and the Qatari economy in general, to overcome the repercussions of the Covid-19 pandemic and returning to pre-pandemic levels, the newsletter stated.
The value of private sector’s exports in February jumped by 190% compared to April 2020, which is the lowest value due to Covid-19 precautionary measures. However, it decreased by 16% compared to February 2020 in which exports registered the highest level.
The private sector’s top exports in February were petrochemical substances, which increased by 143.9% compared to January. This was followed by paraffin, which increased 111.2%, steel was up 65.4%, and aluminium with a 65.4% increase. Lutreine exports were also up 44.9% and chemical substances with an 8% increase.
Exports of other commodities like chemical fertilisers, industrial gases, and essential oils and industrial gases decreased by 99.1%, 41.9%, and 9.6%, respectively.
In February 2021, India topped the list of countries of destination for private sector exports with close to QR315mn, or a 19.2% share of the total exports. Oman followed with almost QR260mn and a 15.8% share, and Hong Kong with QR218mn (13.2% share). The Netherlands registered QR148mn (9.0%), and Turkey (QR145mn, 8.8%). The value of private sector exports to these countries represented 66% of the total value of exports during the same month.
Asian countries were at the top of economic blocs that received private sector exports worth QR841mn with a 51.1% share of the total value, followed by GCC states with a share of 21.6% on exports worth QR356mn.
EU states registered exports worth QR320mn, representing 19.5% of the total value, followed by Arab countries, excluding GCC states that received QR60mn (3.6% share) and the US with exports worth QR49mn (3%).
The group of African countries (excluding Arab countries) exported QR18mn worth of goods, or a 1.1% share, followed by Other European Countries, which received exports worth QR0.9mn (0.1%).