Qatar's private sector exports recorded a 350% year-on-year (y-o-y) increase to reach QR4.98bn in September 2021, Qatar Chamber reported in its latest monthly economic newsletter.
Based on the chamber’s certificates of origin, Qatar’s private sector exports in September 2021 increased 164% month-on-month (m-o-m). In September 2020, private sector exports stood only at QR1.09bn, the newsletter stated.
The chamber’s report said private sector exports within the first nine months of 2021 amounted to QR20.9bn, up by 88% compared to QR11.1bn in the same period last year.
This growth in private sector exports in September 2021 increased by 155% compared to QR1.95bn in February 2020, which represented the highest value of exports when imposing precautionary measures at the beginning of the pandemic. It also increased by 771% over QR572mn in April 2020, which witnessed the lowest value of exports.
The month-on-month increase in private sector exports for September 2021 was attributed to exports growth through the Unified GCC Model, which jumped 774% from QR383mn in August to QR3.3bn in September, while y-o-y, it amounted to QR208mn or a 1,500% increase, stated the report.
Exports through the GPS Model increased by 669% m-o-m, but slipped 5% y-o-y. Exports through the General Model decreased by 14% m-o-m, but increased by 143% y-o-y. Exports through the Unified Arab Model grew by 35% m-o-m and by 48% y-o-y. Exports through the Unified Model to Singapore amounted to QR70mn. However, there were no exports through this model registered in September 2020 or in the previous month.
In September 2021, exports of ‘essential and industrial oils’ increased sharply by 565% m-o-m and by 1,084% y-o-y. Other exports like aluminium slid 52.9% m-o-m and by 25.4% y-o-y. ‘Chemical substances’ were down by 44% m-o-m, but grew by 97.7% y-o-y. ‘Lotrene’ increased by 26% m-o-m and by 113.8% y-o-y. ‘Chemical fertilisers’ amounted to QR106.46mn, but there are no exports registered in August 2021 or September 2020. ‘Paraffin’ grew by 124.4% m-o-m and 4.8% y-o-y.
‘Industrial gases; exports decreased sharply by 83.9% m-o-m and by 73.6% y-o-y. Also, ‘petrochemicals’ slipped by 24.3% m-o-m, but increased by 35.4% y-o-y. ‘Steel’ grew by 511% m-o-m and by 81.2% y-o-y. Overall, the total value of private sector exports grew by 183.8% m-o-m and by 309.6% y-o-y.
GCC states topped the list of economic blocs that received private sector exports from Qatar, which amounted to QR3.4bn with a share of 67.4% of the total value, followed by Asian countries, excluding GCC states, with a share of 25.4% with exports of QR1.26bn.
EU states registered exports totalling QR221.2mn, representing 4.45% of the total value, followed by Arab countries, excluding GCC states, which received QR109.1mn or a 2.19% share, while the African Countries Group, excluding Arab countries, registered exports worth QR24mn or a share of 0.48%.
‘Other American Countries’ received exports of QR3.12mn (0.06% share) followed by ‘Other European Countries Group’ (QR2.67mn, 0.05%), the US (QR0.88mn, 0.02%), and Oceania (QR0.37mn, 0.01%).
In September 2021, Oman was the top country of destination of private sector exports with close to QR3.28bn, a share of 66% of the total exports. Turkey followed with QR386.81mn (7.8%), India (QR383.42mn, 7.7%), Singapore (QR198.47mn, 4%), and Germany (QR188.14mn, 3.8%). The value of private sector exports to these countries represented 89.2% of the total value of exports during the same month.