Qatar’s merchandise trade began 2022 on a solid note as the country report a 91.3% surge in surplus to QR25.9bn in January 2022, helped by a strong double-digit expansion in the shipments of hydrocarbons, according to the official statistics.
The rebound in the country's trade surplus came amidst robust jump in shipments to Asian countries, amidst the scare of Omicron variant of the Covid-19 pandemic, during the period in review, said the figures released by the Planning and Statistics Authority.
Qatar's trade surplus showed a marginal 0.8% month-on-month increase in the review period as crude exports faster than the other commodities.
The country's total exports of goods (including exports of goods of domestic origin and re-exports) surged 66.9% year-on-year to QR35.5bn. However, it was down 0.2% compared to December 2021.
In January 2022, Qatar's shipments to China amounted to QR6.87bn or 19.3% of the total exports of the country, followed by India QR4.18bn (11.8%), South Korea QR4.16bn (11.7%), Japan QR4bn (11.3%) and Singapore QR2.12bn (6%).
On a yearly basis, Qatar's exports to Singapore soared 76.67%, India 62.02%, China 50%, South Korea 31.23% and Japan 11.11% this January.
On a monthly basis, Qatar's exports to Singapore expanded 21.84%; whereas those to South Korea declined 18.91%, India 15.56%, China 3.91% and Japan 3.61% in January 2022.
The exports of crude shot up 81.3% to QR5.55bn, non-crude by 68.9% to QR2.89bn, petroleum gases and other gaseous hydrocarbons by 68% to QR22bn and other commodities by 67.8% to QR4.29bn in January this year.
On a monthly basis, the exports of petroleum gases were seen declining 5.2%, while those of crude expanded 25%, non-crude by 5.9% and other non-specified commodities by 1.3% in January 2022.
Petroleum gases constituted 63.34% of the exports of domestic products in January 2022 compared to 64.1% a year ago period; followed by crude 15.98% (14.98%), non-crude 8.32% (8.37%) and other commodities 12.35% (12.54%).
Qatar's total imports (valued at cost insurance and freight) amounted to QR9.65bn, which showed a 24.3% growth year-on-year but fell 2.3% month-on-month this January.
The country's imports from China stood at QR2.33bn, which accounted for 24.2% of the total imports; followed by the US at QR1.08bn (11.2%), India 0.71bn (7.3%), the UK QR0.62bn (6.4%) and Germany QR0.44bn (4.6%).
On a yearly basis, Qatar's imports from China more than doubled; those from India grew 38.24%, the US by 6.93% and Germany by 3.5%; whereas those from the UK were down 0.32% in the review period.
On a monthly basis, the country's imports from the US and Germany dipped 19.4% and 1.77% respectively; while those from China zoomed 33.14%, India by 20.31% and the UK by 1.64% in January 2022.
In January this year, the group "Turbojets, Turbo propellers and Other Gas Turbines; Parts Thereof" was at the top of the imported group of commodities, with QR0.6bn, showing an increase of 3%.
The import of "Motor Cars and Other Motor Vehicles for The Transport of Persons" was valued QR0.37bn, which however decreased 7.7%.
The import of "Electrical Apparatus for Line Telephony/Telegraphy, Telephone Sets Etc.; Parts Thereof" was QR0.35bn, which grew 27.6%.