Qatar's Trade Balance Jumps 78% YoY

By A Robin - September 02, 2022

Qatar

Qatar's trade balance surplus grew 78 percent year-over-year in July to QR 15.2 billion, as shown today.

Data from the Planning and Statistics Authority has released preliminary figures of the value of exports of domestic goods that showed the total value of exports of goods (including exports of goods of domestic origin and reexports) amounted to around QR 44.4 billion, showing an increase of 61.9 percent compared to July 2021, and increase of 12.4 percent compared to June 2022. On other hand, the imports of goods in July 2022 amounted to around QR 9.6 billion, showing an increase of 21.8 percent compared to July 2021. and increase of 2.9 percent compared to June 2022.

The year-on-year (July 2022 vs. July 2021) increase in total exports was mainly due to higher exports of Petroleum gases and other gaseous hydrocarbons (LNG, condensates, propane, butane, etc.) reaching QR 30.6 billion (approximately) in July 2022, an increase of 90.3 percent, Petroleum oils & oils from bituminous minerals (crude) reaching QR 6.0 billion nearly, increase by 35.0 percent, and increase in the Petroleum oils & oils from bituminous minerals (not crude) reaching 2.9 Billion 1.7 percent.

India was at the top of the countries of destination of Qatars exports with close to QR5.7 billion, a share of 12.8 percent of total exports, followed by Japan with almost QR 5.12 billion and a share of 11.55 percent, South Korea with about QR 5.08 billion, a share of 11.46 percent.

Meanwhile "Turbojets, Turbopropellers & Other Gas Turbines; Parts Thereof" was the top of the imported group, with QR 0.8 billion, showing an increase of 26.3 percent. In second place was "Electrical Apparatus for Line Telephony/Telegraphy, Telephone Sets Etc.; Parts Thereof" with QR 0.33 billion, showing an increase of 49.8 percent and in third place was "Motor Cars & Other Motor Vehicles for The Transport of Persons" with QR 0.32 billion, increase of 12.5 percent.

In July 2022, China was the leading country of origin of Qatars imports with about QR 1.7 billion, a share of 17.3 percent of the imports, followed by United State of America with QR 1.6 billion almost, a share of 16.7 percent, and India with QR 0.6 billion, a share of 6.2 percent.

(QNA)