Private sector exports achieved significant growth in the first quarter of 2022, an indicator of the recovery of Qatar’s economy, where economic dynamics have been appropriately reclaimed and market mechanisms have fairly regained dominance over economic activities and resulting revenues, Qatar Chamber stated in its quarterly report issued Sunday.
The report stated that the value of private sector exports during the period stood at QR7.7bn, representing a 46% growth compared to QR5.3bn earned last year.
The report also stated the impact of the certificates of origins on the exports’ value, where exports holding certificates of preferential enjoyed an elevated valued by 113.9%, while exports holding general certificate of origin enjoyed an elevated value of 67.3%. Similarly, exports’ value increased in accordance with the Arab Region Certificate Form by 49.3%. On the other hand, GCC certificate value decreased by 13.7% as did the Singapore Unified Certificate by 35.7%.
Qatar Chamber also reported an increase in six out of 10 goods during the first quarter, with aluminium exports increasing by 61.3% to reach QR1.92bn compared to last year’s QR1.19bn.
Essential oils and industrial oils earned QR1.76bn compared to QR1.14bn, representing a 53.8% increase. Fuel exports amounted to QR1.18bn, representing a staggering 356% increase over last year’s QR260mn. Nitrogenous fertilisers earned QR1.04bn compared to QR77.8mn in 2021, representing a more than 1,000% increase.
Lotrene exports reached QR376mn compared to QR307mn last year, representing a 19.6% increase, while iron exports dropped by 32.8% from last year’s QR510mn to QR343mn in 2022. Chemical exports decreased by 7% from QR315mn in 2021 to QR293mn this year. Petrochemicals increased by 22% from QR151mn in 2021 to QR184mn this year.
In Q1 2022, paraffin exports stood at QR175mn, representing a 35% decrease over QR270mn last year. Industrial gases exports recorded a minimal QR129mn or an 87% decrease compared to QR991mn last year.
The report stated that the 10 aforementioned commodities represent 96.5% of total private sector exports. In accordance with the certificates of origin issued by Qatar Chamber in Q1 2022, total exports of the 10 commodities reached QR7.4bn, representing a 41.8% increase.
During Q1 2022, Asian countries (excluding GCC and Arab countries) represented the top destinations receiving Qatari private sector exports as per the certificates of origin issued by the chamber, receiving 50.4% of total exports valued at QR3.89bn. EU ranked in second place, receiving 24.2% of total exports valued at QR1.87bn. In the third place is the GCC, which received 15.7% of total exports worth QR1.21bn, followed by Arab countries (excluding GCC), which received 5.2% of total exports valued at QR402.4mn.
Receiving 2.8% of total Qatari exports, the US ranked fifth in the list of importers of Qatari goods valued at QR215.8mn. In sixth place are other European countries receiving exports valued at QR73.6mn or 0.95%.
African countries (excluding Arab countries) come in seventh place receiving QR53.3mn or 0.69% of total exports. In eighth place are other American countries, which received around QR6.4mn, representing 0.08%, followed by Oceania, which received around QR2.7mn, representing 0.04% of total Qatari exports.
In Q1 2022, Qatari exports were received by 97 countries, of which, 27 are African, 19 are Asian, 13 from the EU, 13 Arab countries, 10 from the Americas, five from GCC, eight European, and finally the US and a single country (Australia) from Oceania.
India was the top business partner receiving exports valued around QR1.79bn, representing 32.2% of total exports. Netherlands ranked second place receiving around QR1.2bn or 15.6% of total exports, followed by Turkey (QR565mn or 7.3% of total exports), Emirates (QR558mn, 7.2%), Bangladesh (QR478mn, 6.2%), China (QR395mn, 5.1%), Germany (QR338.5mn, 4.4%), Oman (QR314.3mn, 4.1%), Hong Kong (QR251.6mn, 3.3%), and Indonesia (QR217mn, 2.8%).
These 10 countries received a total of 79.1% of Qatari exports valued at QR6.1bn as per the certificate of origin during the first quarter of the current year, the report added.