Qatar’s foreign merchandise trade balance, which represents the difference between total exports and imports, has showed a surplus of QR7.6bn in March. According the figures released this week, the total value of exports of goods, including exports of goods of domestic origin and re-exports, in March 2020 reached at QR15.9bn.
In March 2020, the US was the leading country of origin of Qatar’s imports with about QR1.4bn, a share of 17.2 percent of the imports, followed by China with QR800m almost, a share of 9.5 percent, and Germany with QR700m, a share of 8.1 percent.
The resilience of country’s economy can also be seen in Qatari companies. Recently, Qatar Petroleum had announced the start of the development drilling campaign for the North Field East Project, or NFE.
This phase of the North Field expansion project will increase the State of Qatar’s liquefied natural gas (LNG) production capacity from 77 million tons per annum (Mtpa) to 110 Mtpa. The second phase of the North Field LNG Expansion Project, called the North Field South Project (NFS), will further increase Qatars LNG production capacity from 110 Mtpa to 126 Mtpa.
Qatar Petroleum had earlier awarded a number of contracts for jack-up drilling rigs to be utilized for the drilling of 80 development wells for the NFE. The installation of the first four Offshore Jackets in Qatari waters is underway and is expected to be completed by the end of this month.
Also, QP last week, entered into an agreement to reserve LNG ship construction capacity in China to be utilized for Qatar Petroleum’s future LNG carrier fleet requirements, including those of its ongoing North Field expansion projects.
The agreement was entered into between Qatar Petroleum and Hudong-Zhonghua Shipbuilding Group (Hudong), a wholly owned subsidiary of China State Shipbuilding Corporation Limited (CSSC).
Pursuant to the agreement, a significant portion of Hudong’s LNG ship construction capacity will be reserved for Qatar Petroleum through the year 2027.
Other companies have also announced positive results showing that Qatar’ economy is supporting companies. GWC, the leading logistics provider in the State of Qatar, posted net profits of QR50.3m and a gross revenues of QR296.3m for the first quarter of 2020 while Aamal reports QR374m in revenue for the first quarter of this year. Similarly, Qatar Aluminium Manufacturing Company (Qamco), a 50 percent joint venture partner in a successful smelter that produces premium high quality primary aluminum products in Qatar, reported a net profit of QR10.7m for the three months period ended March 31, 2020.
