The combined value of US trade surplus in goods against Qatar has reached nearly QR4.6bn ($1.26bn) during the first seven months of this year, as the volume of bilateral trade during the period (January-July 2020) stood at QR9.95bn ($2.73bn), official data show. The bilateral trade volume between Qatar and the US during the period witnessed a sharp decline understandably due to the coronavirus led restrictive measures and lockdowns in both the countries.
The total value of the exchange of goods between the two countries during the JanuaryJuly 2020 period ($2.73bn) declined by 31.6% compared to $3.99bn (QR14.52bn) recorded for the corresponding period last year (January- July 2019). This reflects that the pandemic impacted on the exchange of goods between the two trading partners. According to the latest data published by the US Census Bureau on its website, US exports of goods to Qatar from January to July 2020 reached $1.99bn (against $2.78bn, January-July 2019), while its imports from Qatar during the period remained at $734.7m (versus $1.21bn for the same period in 2019).
Despite the sharp fall in bilateral trade volume between Qatar and the US during the first seven months of this year (January-July 2020), the trade balance witnessed a much lower rate of decline. The US trade surplus against Qatar during the period fell by nearly 20 percent compared to the total trade surplus of $1.57bn recorded during January-July 2019 period. With lockdowns easing in both the countries, the trade exchange is expected to witness sharp recovery in the coming months.
The Qatar-US bilateral trade volume reached at all time high in 2019 breaching the previous peak level which was recorded in 2014. The total value of goods exchanged between the two countries during the year jumped to nearly QR30bn ($8.15bn), registering a doubledigit growth of 36 percent (year-on-year) compared to QR21.84bn ($5.99bn) in 2018, official data show.
The US trade surplus against Qatar in 2019 reached at QR17.34bn ($4.76bn), the all time high, registering a sharp jump of 67 percent compared to QR10.4bn ($2.85bn) for the corresponding period previous year (2018). The total value of US exports of goods to Qatar in 2019 stood at QR23.52bn ($6.46bn)—all time high—, while its imports from Qatar had reached QR6.15bn ($1.69bn) (second highest ever), and slightly higher compared to $1.57bn in 2018.
The remarkable growth in annual bilateral trade volume in 2019 can be attributed to significant surge in US exports of goods to Qatar, especially during the last two months of the year. The combined value of US exports of goods for November ($773.5m) and December ($1.39bn) stood at QR7.88bn ($2.16bn).
The exceptional exchange of goods in 2019 breached the previous peak trade volume which was recorded in 2014. The bilateral trade volume in 2014 had reached at $6.91bn (QR25.16bn) with US exports to Qatar at $5.17bn and imports at $1.74bn. The US trade surplus with Qatar in 2014 had stood at $3.43bn. When compared to 2014 figures, the trade volume in 2019 was nearly 18 percent higher.
The US exports to Qatar constitute a major part of the local economy, while the US continue to heavily export advanced technologies such as commercial aircraft, vehicles, heavy equipment, satellite and communications equipment. The US is also a leading investor in Qatar’s oil and gas sector helping produce more than two thirds of the country’s LNG output.
The bilateral trade and economic cooperation is expected to reach new highs with a significant jump in trade volumes in the coming years as both sides are working very closely and aggressively to expand and deepen the relationship in new areas, including more cooperation in small and medium-sized enterprises (SMEs) sector.
