Qatar’s trade balance, exports rise in September
26 Oct 2017 - 0:48
By Sachin Kumar / The Peninsula
Qatar’s trade surplus and exports have surged in September, confirming that the blockade imposed on Qatar by siege countries has failed. The foreign trade balance in September 2017 jumped by 41.5 percent compared to September last year, while total exports of goods rose 20 percent.
The foreign merchandise trade balance, which represents the difference between total exports and imports, showed a surplus of QR12.5bn in September 2017 registering an increase of about QR3.7bn compared to September 2016.
According to the preliminary figures released by the Ministry of Development Planning and Statistics, the total exports of goods (including exports of goods of domestic origin and re-exports) amounted to around QR20.6bn in September this year.
The trade balance decreased by nearly QR0.2bn or 1.7 percent compared to August 2017.
The imports of goods in September this year amounted to around QR8.1bn, showing decrease of 2.8 percent over September 2016. However, on a month on month (M-o-M) basis the imports decreased by 6.9 percent.
The year-on-year (September 2017 to September 2016) increase in total exports was mainly due to higher exports of Petroleum oils & oils from bituminous minerals (crude) reaching QR4.4bn, showing increase of 81.5 percent. The increase in the Petroleum oils & oils from bituminous minerals (not crude) reached QR1.7bn, rising 118.7 percent.
While decline was registered in the group of Petroleum gases and other gaseous hydrocarbons (LNG, condensates, propane, butane, etc.) reaching 11.4bn approximately in September 2017, showing a fall of 0.1 percent.
In September 2017, Japan was at the top of the countries of destination of Qatar’s exports with close to QR3.4bn, a share of 16.7 percent of total exports, followed by Singapore with almost QR3bn and a share of 14.5 percent, and South Korea with about QR2.9bn, a share of 14 percent.
During September this year, the group of ‘Motor cars & other passenger vehicles’ was at the top of the imported group of commodities, with QR0.3bn, showing a decrease of 39.9 percent compared to September 2016. In second place was “Turbojets, Turbo propellers & Other Gas Turbines; Parts Thereof”, with QR0.3bn share, showing a decrease by 20.9 percent, and in third place was “Parts of Aircraft and helicopters etc” with QR0.2bn, registering a decrease of 3.4 percent.
China was the leading country of origin of Qatar’s imports in September 2017, with about QR1bn, having a share of 12.5 percent of the imports, followed by United State of America with QR0.9bn almost, a share of 10.8 percent, and Germany with QR0.7bn, a share of 8.6 percent.