Qatar’s economy is moving ahead with full pace as shown by a robust increase in exports. The recent data released by Qatar Chamber has confirmed the robustness of Qatar’s economy.
According to the monthly report of the Qatar Chamber on foreign trade for the private sector Qatar’s non-oil exports registered strong growth during October 2018 with the combined value reaching at QR1.981bn, recording an increase of 16.2 % (year-on-year) compared to QR1.705 bn for the corresponding month last year.
The sharp rise in the export from Qatar demonstrate that countries around the globe have full trust on the products coming from local market. Rising exports also show that the Qatari products are of high quality.
Qatar’s economy is expected to grow at an accelerated pace next year which shows the proactive steps taken by the government are steering the country in the right direction. As per QNB’s recent report Qatar’s Gross Domestic Product (GDP) growth is expected to grow by 2.6 percent in 2018.
According to Qatar Chamber report, Oman topped the list of non-oil exporting countries in October 2018 with a total export of QR819.418 m, representing (41.37 percent) of the total value of non-oil exports during the month, followed by Turkey with total exports of QR148.484 m (7.5 percent ). In third place was the UK with QR115.488m (5.83 percent) and Hong Kong QR109.716m (5.45 percent).
Netherlands ranked fifth with exports amounting to QR106.574m (5.38%) of the total value of non-oil exports in October 2018. Singapore, India, China, Lebanon and Bangladesh came in different values and percentages respectively, where the first ten countries accounted for 83.83 percent of total non-oil exports in the said month.
On the other hand, the GCC countries (Sultanate of Oman and Kuwait) topped the blocs and the economic groups receiving the Qatari non-oil exports during October 2018 with total exports amounting to about QR 845.859 m, then the group of Asian countries excluding Arab countries with exports worth about QR 488.966m.
The Group of European countries including Turkey came in the third place with total exports amounting to QR 426.367m , followed by the group of Arab countries, excluding the GCC countries with total value of exports amounting to about QR 151.929m , followed by the African countries excluding Arab countries, North America, South American countries and Australia with varying values.
The past trend of consistent rise in the exports demonstrates the strength of Qatar’s economy and that shows that the country has become a role model for other countries.
