The exports from Qatar have continued to maintain upward trend despite the adverse situation created by outbreak of COVID-19 pandemic. The rising exports have enabled Qatar to witness trade surplus which augurs well for the local economy. Private sector is playing a crucial role in Qatar’s stellar rise in growth of exports.
According to the Qatar Chamber’s monthly economic newsletter for August, the total value of private sector exports stood at QR12.3bn during the first half of this year, reflecting a 56 percent growth compared to QR7.9bn during the same period last year. Data showed that Qatari non-oil exports have recovered from the negative impacts of COVID-19 and registered a significant increase whether on month-to-month base or on quarterlyto-quarterly base. Private sector exports in the second quarter of this year amounted to QR7.2bn, recording an increase of 41 percent compared to QR 5.1bn in Q1. In the first half of 2021, Oman topped destinations of Qatari exports, receiving about QR2.58bn.
In June 2021, China was at the top of the countries of destination for Qatar’s foreign trade with about QR4.6bn, a share of 13.9 percent of the state’s total foreign trade. In June 2021, the total exports of goods (including exports of goods of domestic origin and re-exports) amounted to around QR 25.4bn, showing an increase of 1.8 percent compared to QR 24.bn in May. Qatar’s foreign merchandise trade balance, which represents the difference between total exports and imports, showed a surplus of QR46.4bn during the second quarter of 2021, reflecting an increase of QR30.9bn compared to QR15.5bn during the same period in 2020, according to figures released by the Planning and Statistics Authority (PSA).
In the second quarter of this year, the total exports including exports of domestic goods and re-exports amounted to QR71.1bn, showing an increase of QR33.3bn or 88.1 percent compared to QR37.8bn during Q2, 2020; and an increase of nearly QR7.2bn or 11.2 percent when compared to Q1, 2021. During Q2, 2021, Asia was the top destination of Qatar’s exports and the leading origin of Qatar’s imports, representing 72.3 percent and 39.7 percent respectively.
The merchandise trade balance of Qatar showed surplus of QR93.4bn in 2020. The value of Qatar’s total exports (including exports of domestic goods and re-exports) amounted to QR187.5bn, in 2020. With countries across the world are recovering from the impact of coronavirus due to increasing vaccination rate, the global economy is set to witness strong growth in the coming months which in turn will have positive effect on Qatar’s exports.
