The private sector of Qatar is playing active role in boosting exports that demonstrate the resilience of companies operating in the country. The total value of exports of goods, including exports of goods of domestic origin and re-exports, in October 2020 reached at QR15.3bn.
Qatar’s foreign merchandise trade balance, which represents the difference between total exports and imports, expanded by nearly QR600m or 9.5 percent at QR7bn in October compared to the previous month.
The total value of exports of the private sector in the first nine months of this year amounted to QR11bn, according to the monthly economic newsletter for November 2020. Exports of the private sector in the third quarter (Q3) reached QR2.83bn compared to QR2.15bn in Q2, an increase of 32 percent.
The exports have again beginning to see upward momentum after facing slowdown due to impact of COVID-19 outbreak. The exports had declined in April due to lack of demand from importing countries due to lockdown imposed by those nations. In April this year, the exports from Qatar had decline to QR11.8bn from QR15.9bn in a month earlier in March due to COVID-19 pandemic.
But, since then the exports have started to rise, signalling a recovery in exports due to demand from importing countries. In June, the exports stood at QR12.7bn while next month in July it increased to QR13.6bn. Maintaining growth momentum, exports from Qatar increased to QR14bn in August this year. In the third quarter of this year, the value of Qatar’s total exports amounted to QR41.1bn. The total exports of goods amounted to around QR13.4bn, in September 2020. Liquefied Natural Gas (LNG), mineral fuels, lubricants, chemicals and related products constitute major export items from Qatar.
Asian countries have occupied a dominating position in Qatar’s exports during nine months of 2020. All five countries in the top five export destinations for Qatari exports are from Asia.
Private sector’s exports of Helium gas & industrial gas have seen a sharp increase of 434 percent from QR33m in August to QR176m in September, followed by Paraffin which increased by 96 percent from QR40m in August to QR78m and petrochemicals with exports amounted to QR50m in August compared to QR77m in September, an increase of 96 percent. Exports of chemical substances recorded an increase of 53 percent from QR50m in August to QR77m in September. The exports from Qatar are expected rise further going forward with the support of government’s proactive policies.
