Qatar's trade surplus expanded 194.8% year-on-year in the third quarter (Q3) of this year as the country's exports grew much faster than imports, according to the official statistics.
Asia remained the principal destination of Qatar’s exports and the first origin of imports as the country saw QR50.53bn trade surplus on trade volumes of QR71.13bn during Q3, 2021, according to Planning and Statistics Authority (PSA) data.
In Q3 2021, the value of Qatar’s total exports (including exports of domestic goods and re-exports) amounted to QR82.6n, which increased 101% and 16.5% year-on-year and quarter-on-quarter respectively.
The yearly jump in total exports was mainly due to a 108.8% surge in exports of mineral fuels, lubricants and related materials (QR36.6bn), 74.7% in chemicals and related products (QR3.3bn), 62.1% in machinery and transport equipment (QR0.7bn) and 60.8% in manufactured goods classified chiefly by material (QR0.7bn).
On the other hand, there was a 47% decline in miscellaneous manufactured products (QR0.2bn).
The value of Qatar’s imports in Q3, 2021 was QR 24.8bn; which increased 15.3% on a yearly basis even as it was largely flat quarter-on-quarter.
The Q3 year-on-year jump in imports is due to 15.1% increase in the imports of machinery and transport equipment (QR1.3bn), 175.2% in crude materials, inedible except fuels (QR0.8bn), 18.2% in manufactured goods classified chiefly by material (QR0.6bn) and 13.2% in miscellaneous manufactured articles (QR0.5bn).
On the other hand, there was a 4.8% decline in the imports of chemicals and related products (QR0.1bn) and 12% in food and live animals (QR0.3bn).
The Asian region was the principal destination of Qatar’s exports and the first origin of Qatar’s imports, representing 73.5% and 41.6% respectively; followed by the European Union, accounting for 10.2% and 31.1% respectively; and the GCC (Gulf Co-operation Council), with 9.6% and 3.4% respectively.
The trade volume and balance with European Union were QR16.15bn and QR0.74bn in Q3, 2021, followed by the GCC (QR8.79bn and QR7.09bn), and the US (QR4.16bn and -QR1.68bn) in the review period.
In Q3 this year, the trade volume and balance with Oceania were QR0.87bn and QR0.23bn; Africa (except Arab countries) were QR0.93bn and QR0.46bn; other American countries were QR2.17bn and QR0.95bn); and other Arab countries were QR0.96bn and QR0.16bn.
The trade balance and volume of Qatar with other countries not specified amounted to QR0.56bn respectively in the review period.
Market sources have said Qatar’s trade volume with the GCC region has been on the increase and there is room for improvement with the inoculation drive gathering pace across the region.
The cumulative trade balance of all the three quarters of this year witnessed a 54% year-on-year surge to QR143.87bn as exports grew 16% to QR217.33bn; even as imports shrank 21.8% to QR73.58bn.
The country's trade surplus had witnessed a 19% year-on-year in the first quarter, which then improved considerably to 196.6% in the subsequent quarter.
An International Monetary Fund paper had earlier said given that low intra-GCC trade is mostly due to similar economic structures of the member countries, the greater regional trade can be boosted by diversifying the economy toward tradables.
Asia remained the principal destination of Qatar’s exports and the first origin of imports as the country saw QR50.53bn trade surplus on trade volumes of QR71.13bn during Q3, 2021, according to Planning and Statistics Authority (PSA) data.
In Q3 2021, the value of Qatar’s total exports (including exports of domestic goods and re-exports) amounted to QR82.6n, which increased 101% and 16.5% year-on-year and quarter-on-quarter respectively.
The yearly jump in total exports was mainly due to a 108.8% surge in exports of mineral fuels, lubricants and related materials (QR36.6bn), 74.7% in chemicals and related products (QR3.3bn), 62.1% in machinery and transport equipment (QR0.7bn) and 60.8% in manufactured goods classified chiefly by material (QR0.7bn).
On the other hand, there was a 47% decline in miscellaneous manufactured products (QR0.2bn).
The value of Qatar’s imports in Q3, 2021 was QR 24.8bn; which increased 15.3% on a yearly basis even as it was largely flat quarter-on-quarter.
The Q3 year-on-year jump in imports is due to 15.1% increase in the imports of machinery and transport equipment (QR1.3bn), 175.2% in crude materials, inedible except fuels (QR0.8bn), 18.2% in manufactured goods classified chiefly by material (QR0.6bn) and 13.2% in miscellaneous manufactured articles (QR0.5bn).
On the other hand, there was a 4.8% decline in the imports of chemicals and related products (QR0.1bn) and 12% in food and live animals (QR0.3bn).
The Asian region was the principal destination of Qatar’s exports and the first origin of Qatar’s imports, representing 73.5% and 41.6% respectively; followed by the European Union, accounting for 10.2% and 31.1% respectively; and the GCC (Gulf Co-operation Council), with 9.6% and 3.4% respectively.
The trade volume and balance with European Union were QR16.15bn and QR0.74bn in Q3, 2021, followed by the GCC (QR8.79bn and QR7.09bn), and the US (QR4.16bn and -QR1.68bn) in the review period.
In Q3 this year, the trade volume and balance with Oceania were QR0.87bn and QR0.23bn; Africa (except Arab countries) were QR0.93bn and QR0.46bn; other American countries were QR2.17bn and QR0.95bn); and other Arab countries were QR0.96bn and QR0.16bn.
The trade balance and volume of Qatar with other countries not specified amounted to QR0.56bn respectively in the review period.
Market sources have said Qatar’s trade volume with the GCC region has been on the increase and there is room for improvement with the inoculation drive gathering pace across the region.
The cumulative trade balance of all the three quarters of this year witnessed a 54% year-on-year surge to QR143.87bn as exports grew 16% to QR217.33bn; even as imports shrank 21.8% to QR73.58bn.
The country's trade surplus had witnessed a 19% year-on-year in the first quarter, which then improved considerably to 196.6% in the subsequent quarter.
An International Monetary Fund paper had earlier said given that low intra-GCC trade is mostly due to similar economic structures of the member countries, the greater regional trade can be boosted by diversifying the economy toward tradables.