Qatar’s trade surplus swelled about 40% year-on-year to QR17.52bn in August with Asian countries, led by India, constituting 68% of Doha’s export basket; whereas imports primarily came from the US, according to official data. The country’s total exports grew much faster than imports, leading to a double-digit expansion trade surplus, said the figures released by the Ministry of Development Planning and Statistics.
On a monthly basis, trade surplus grew by a modest 4% as imports fell faster than exports. In absolute terms, India, South Korea, Japan, China and Singapore were among the largest export markets of Qatar; while imports mainly came from the US, China, India, the UK and Germany this August.
In August 2018, the total exports of goods (including exports of goods of domestic origin and re-exports) amounted to QR26.41bn, showing an increase of 23% compared to August 2017, and decrease of 0.7% against July 2018.
The year-on-year increase in total exports in August 2018 was mainly due to higher exports of petroleum gases and other gaseous hydrocarbons (liquefied natural gas, condensates, propane and butane) at QR16.88bn (showing an increase of 28.1%), crude QR4.31bn (15.7%), non-crude QR1.56b (20.4%) and other commodities (29.8%).
On a monthly basis, the country’s shipments of non-crude plummeted 35.8% and crude by 4%; whereas those of other commodities expanded 29.8% and petroleum gases by 28.1%. In August 2018, India was at the top of the countries of destination of Qatar’s exports worth QR4.39bn, a share of 16.6% of the total exports, followed South Korea QR4.39bn (16.6%), Japan QR3.94bn (14.9%), China QR3bn (11.4%) and Singapore QR2.3bn (8.7%).
The country’s re-exports amounted to QR0.47bn in August 2018, which represented 38.8% and 41.5% decline on yearly and monthly basis respectively. Qatar’s total imports (valued at cost insurance and freight) amounted to QR8.89bn, which was up 0.3% year-on-year but plunged 8.5% on a monthly basis. In August 2018, the US was the leading country of origin of Qatar’s imports worth QR2.31bn, a share of 26% of the imports, followed by China QR0.99bn (11.1%), India QR0.56bn (6.2%), the UK QR0.53bn (6%) and Germany QR0.42bn (4.7%).
Sources and photo-credits: Gulf Times