Qatar's Trade Balance Surplus Surges 89 Percent YoY in August

Qatar

The foreign merchandise trade balance, which represents the difference between total exports and imports, showed a surplus of QR 36.2 billion in August, an increase of about QR 17.1 billion or 89.0 percent compared to August 2021, and an increase by nearly QR 1.5 billion 4.2 percent compared to July 2022.

The Planning and Statistics Authority (PSA) has released preliminary figures for the value of exports of domestic goods, re-exports, and imports for August 2022.

In August 2022, the total exports of goods (including exports of goods of domestic origin and re-exports) amounted to around QR 46.8 billion, showing an increase of 71.6 percent compared to August 2021, and an increase of 5.5 percent compared to July 2022.

On other hand, the imports of goods in August 2022 amounted to around QR 10.6 billion, showing an increase of 30.5 percent compared to August 2021. and an increase of 10.2 percent compared to July 2022.

The year-on-year (August 2022 vs. August 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 33.5 billion (approximately) in August 2022, i.e. an increase of 100.6 percent, Petroleum oils & oils from bituminous minerals (crude) reaching QR 5.2 billion nearly, increase by 29.5 percent, and increase in the Petroleum oils & oils from bituminous minerals (not crude) reaching 2.9 Billion 15.4 percent.

In August 2022, China was at the top of the countries of destination of Qatar's exports with close to QR 5.4 billion, a share of 11.5 percent of total exports, followed by Japan with almost QR 5.2 billion and a share of 11.0 percent, United Kingdom with about QR 5.0 billion, a share of 10.8 percent. The year-on-year (August 2022 vs. August 2021), the group of "Turbojets, Turbopropellers & Other Gas Turbines; Parts Thereof" was at the top of the imported group of commodities, with QR 0.6 billion, showing an increase of 64.1 percent. In second place was "Motor Cars & Other Motor Vehicles for The Transport of Persons" with QR 0.5 billion, showing an increase of 17.3 percent, and in third place was "Electrical Apparatus for Line Telephony/Telegraphy, Telephone Sets Etc.; Parts Thereof" with QR 0.3 billion, an increase of 63.1 percent.

In August 2022, China was the leading country of origin of Qatar's imports with about QR 1.8 billion, a share of 17.4 percent of the imports, followed by the United State of America with QR 1.5 billion almost, a share of 14.4 percent, and Italy with QR 0.7 billion, a share of 6.8 percent.

(QNA)