Qatar's foreign merchandise trade surplus hits $15.2bn in Q3
DOHA, 2 days ago
Qatar has recorded a merchandise trade balance surplus (difference between total exports and imports) of QR57.7 billion ($15.2 billion) for the third quarter of 2024, down from QR61 billion ($16.1 billion) for the same period the previous year, reported QNA, citing figures released by the Planning and Statistics Authority.
The value of Qatar's total exports in Q3 (including exports of domestic goods and re-exports) amounted to QR87.8 billion, down by QR2 billion compared to Q3 2023, which amounted to total exports of QR89.8 billion. However, it increased by nearly QR 2.8 billion, or 3.3%, compared to Q2 2024, it stated.
The Q3 2024 year-on-year (Y-o-Y) decrease in total exports was mainly due to lower exports of mineral fuels, lubricants, and related materials by QR 5.0 billion (6.5%), and miscellaneous manufactured articles by QR0.1 billion (22.0%), said the report.
On the other hand, increases were recorded mainly in chemicals and related products by QR1.5 billion (24.5%), machinery and transport equipment by QR1.2 billion (53.3%), manufactured goods classified chiefly by material by QR 0.4 billion (17.1%), and crude materials, inedible except fuels by QR0.1 billion (24.8%).
The value of Qatar's imports in Q3 2024 was QR30.1 billion; increased by QR1.2 billion (4.1%) compared to Q32023 imports of QR 28.9 billion and decreased by nearly QR0.3 billion or 1.1% compared to Q2 2024.
According to QNA report, the Q3 2024 (Y-o-Y) increase in import values is mainly due to jump in machinery and transport equipment QR0.8 billion (6.7 percent), chemicals and related products by 0.4 billion (17.2%), mineral fuels, lubricants and related materials by 0.32 billion (58.2%), food and live animals QR 0.30 billion (9.8%).
On the other hand, major declines were recorded in miscellaneous manufactured articles by QR0.4 billion (6.7 percent) and manufactured goods classified chiefly by material by QR 0.3 billion (7.7 percent).
During Q3 2024, Asia was the principal destination of Qatar's exports and the first origin of Qatar's imports, representing 75.9% and 39.7% respectively, followed by GCC, accounting for 11.6% and 11.3% respectively, and the European Union, with 7.7% and 26.0% respectively.
