EXPORTS from Qatar continue to maintain growth momentum despite challenging situations created by COVID-19 pandemic. The growth in exports has also helped the trade surplus, which is the difference between total exports and imports, of Qatar.
Recent figures released the Planning and Statistics Authority stated that Qatar’s trade surplus has shown impressive growth in January. Qatar’s foreign merchandise trade balance showed a surplus of QR25.9bn in January this year, an increase of about QR12.4bn or 91.3 percent compared to January 2021.
The surge in trade surplus was a result of strong momentum in exports. In January 2022, the total exports of goods (including exports of goods of domestic origin and re-exports) amounted to around QR35.5bn, showing an increase of 66.9 percent compared to January 2021.
Liquefied Natural Gas (LNG), mineral fuels, lubricants, chemicals and related products constitute major export items from Qatar. A look at previous data reveals that exports and trade surplus have maintained a consistent growth over the past several months.
During the fourth quarter (Q4) of 2021, the value of Qatar’s total exports (including exports of domestic goods and re-exports) amounted to QR100.0bn, which has increased by QR50.9bn (103.8 percent) compared to QR49.1bn in Q4 2020. When compared on quarterly basis, exports have risen by nearly QR17.4bn or 21.1 percent compared to Q3 2021.
Qatar recorded a merchandise trade surplus of QR71.4bn in the fourth quarter of 2021, an increase of 189 percent from QR24.7bn during the corresponding period in the previous year. The private sector of Qatar is playing active role in boosting exports that demonstrate the resilience of companies operating in the country.
The value of private sector exports last year increased 77.2 percent year-on-year to reach QR26.4bn in 2021 compared to QR14.9bn in 2020, according to economic report issued by Qatar Chamber.
The year-on-year increase in private sector exports during 2021 was attributed to the increase in exports through all types of certificates of origin issued by the Chamber vis-a-vis 2020 and 2019.
Asian countries were at the top of economic blocs that received exports of private sector in 2021 amounted to QR12.5bn with a share of 47.6 percent of the total value, followed by GCC countries excluding GCC states with a share of 25.3 percent with exports of QR6.7bn.The exports from Qatar are expected rise further going forward with the support of government’s proactive policies.
