Qatar's Trade Balance Surplus Reached QR 21.3 Billion Last March

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The foreign merchandise trade balance, which represents the difference between total exports and imports, showed a surplus of QR 21.3 billion in March 2023, a decrease of about QR 5.2 billion or 19.6 percent compared to March 2022, and decrease by nearly QR 1.6 billion or 7.2 percent compared to February 2023.

The data of the Planning and Statistics Authority showed that the total exports of goods (including exports of goods of domestic origin and re-exports) amounted to around QR 30.9 billion, showing a decrease of 15.5% compared to March 2022, and decrease of 0.6% compared to February 2023.

On other hand, the imports of goods in March 2023 amounted to around QR 9.6 billion, showing a decrease of 4.6% compared to March 2022. and increase of 18.1% compared to February 2023.

In March 2023, the foreign merchandise trade balance, which represents the difference between total exports and imports, showed a surplus of QR 21.3 billion almost, i.e., a decrease of about QR 5.2 billion or 19.6% compared to March 2022, and decrease by nearly QR 1.6 billion or 7.2% compared to February 2023.

The year on year (March 2023 vs. March 2022) decrease in total exports was mainly due to lower exports of Petroleum gases and other gaseous hydrocarbons (LNG, condensates, propane, butane, etc.) reaching QR 19.0 billion (approximately) in March 2023, i.e. a decrease of 5.4%, Petroleum oils & oils from bituminous minerals (crude) reaching QR 4.9 billion nearly, decrease by 26.5%, and decrease in the Petroleum oils & oils from bituminous minerals (not crude) reaching 2.5 Billion 32.4%.

In March 2023, China was at the top of the countries of destination of Qatars exports with close to QR 6.4 billion, a share of 20.7% of total exports, followed by South Korea with almost QR 4.9 billion and a share of 15.8%, and India with about QR 3.6 billion, a share of 11.6%.

The year on year (March 2023 vs. March 2022), the group of "Turbojets, Turbopropellers & Other Gas Turbines; Parts Thereof" was at the top of the imported group of commodities, with QR 0.8 billion, showing an increase of 31.5%. In second place was "Motor Cars & Other Motor Vehicles for The Transport of Persons" with QR 0.4 billion, increase of 0.7%, and in third place "Articles of Jewelry & Parts Thereof, of Precious Metal or of Metal Clad" with QR 0.3 billion, showing an increase of 4.5%.

In March 2023, United States of America was the leading country of origin of Qatars imports with about QR 1.8 billion, a share of 19.3% of the imports, followed by China with QR 1.2 billion almost, a share of 12.1%, and India with QR 0.6 billion, a share of 6.3%.

(QNA)