The surge in exports from Qatar shows that country’s Qatar’s economy is moving ahead with full pace. Helped by the growing exports, Qatar’s trade surplus has been rising consistently over the past few months which demonstrates the strength of country’s economy.
The figures released from the Planning and Statistics Authority recently, showed that the trade surplus growth in March has almost doubled.
In March 2022, the total exports of goods (including exports of goods of domestic origin and re-exports) amounted to around QR36.7bn, showing an increase of 66.4 percent compared to March 2021, and increase of 15.2 percent compared to February 2022. The imports of goods in March 2022 amounted to around QR10bn, showing an increase of 17.1 percent compared to March 2021 and increase of 6.1 percent compared to February 2022.
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. The positive growth indicates that the Qatari economy has witnessed a remarkable recovery from the neg-ative impacts of COVID-19 pandemic.
Driven by rise in exports, Qatar’s foreign mer-chandise trade balance, which represents the dif-ference between total exports and imports, showed a surplus of QR26.7bn almost in March 2022, repre-senting an increase of about QR13.2bn or 97.8 percent compared to March 2021, and increase by nearly QR4.3bn 19 percent compared to February 2022.The rise in exports from Qatar has come at a time when economies of several countries across the world are struggling to maintain growth.
Many major econ-omies are still finding it very difficult to achieve growth because of negative impact caused by the outbreak of coronavirus pandemic.
But, Qatar’s economy made an impressive bounce back. After registering a brief period of slowdown in 2021, the economy is now wit-nessing a sharp recovery.
Rising exports and trade surplus, increase in several indicators such as Purchasing Managers’ Index (PMI), Industrial Production Index (IPI) illustrates the strong momentum of growth in Qatar’s economy.
The pace of economic growth is further expected to increase in the coming months because of mega sporting even FIFA World Cup Qatar 2022. The mega event is expected to attract thousands of visitors to Qatar which will increase the demand of goods and services in the country.
This will lead to strong economic growth in Qatar
