Qatar Reports Merchandise Trade Surplus Of QR 57.7 Billion For Q3 2024 Amid Fluctuating Exports

In the third quarter of 2024, Qatar's merchandise trade balance surplus reached QR 57.7 billion. This figure marked a decline from QR 60.9 billion in the same period of 2023. The Planning and Statistics Authority released these figures, which were reported by Qatar News Agency (QNA). The total exports for this period amounted to QR 87.8 billion, showing a decrease of QR 2.0 billion or 2.2% compared to Q3 2023.

The reduction in total exports year-on-year was primarily due to a drop in exports of mineral fuels, lubricants, and related materials by QR 5.0 billion (6.5%). Additionally, miscellaneous manufactured articles saw a decrease of QR 0.1 billion (22.0%). However, there were increases in other sectors such as chemicals and related products n.e.s., which rose by QR 1.5 billion (24.5%), and machinery and transport equipment, up by QR 1.2 billion (53.3%).

Qatar's imports in Q3 2024 stood at QR 30.1 billion, reflecting an increase of QR 1.2 billion (4.1%) compared to the same quarter in the previous year when imports were valued at QR 28.9 billion. This increase was mainly driven by higher imports of machinery and transport equipment, which rose by QR 0.8 billion (6.7%), and chemicals and related products n.e.s., which increased by QR 0.4 billion (17.2%).

Asia remained the leading destination for Qatar's exports during this period, accounting for 75.9% of the total exports from Qatar. It also served as the primary source for imports into Qatar, representing 39.7% of the total imports into the country during Q3 2024.

The GCC countries followed Asia as significant trade partners for Qatar, contributing to 11.6% of its exports and receiving 11.3% of its imports during this quarter.

While some sectors experienced declines, others saw growth in export values during Q3 2024 compared to Q3 2023. Manufactured goods classified chiefly by material increased by QR 0.4 billion (17.1%), while crude materials, inedible except fuels, rose by QR 0.1 billion (24.8%). These increases helped offset some of the declines seen in other areas.

The European Union also played a notable role in Qatar's trade activities during this period, accounting for 7.7% of its exports and providing a substantial portion of its imports at 26%. This highlights the EU's importance as both a market for Qatari goods and a source for imported products.

Despite fluctuations in specific sectors, Qatar's overall trade dynamics show resilience with strategic shifts towards growing markets like Asia while maintaining strong ties with traditional partners such as the GCC and EU.

With inputs from WAM