QATAR’s exports rose 16% to a record high of $133bn in 2012…

Driven by additional exports of LNG, condensate, gas-to-liquid and petrochemical products, Qatar’s exports rose 16% to a record high of $133bn in 2012, a QNB study has shown.

More than 75% of Qatar’s exports are now directed towards Asia with Japan, South Korea and India being the leading export destinations for the country due to their demand for liquefied natural gas, QNB said in its soon-to-be-published ‘Qatar Economic Insight 2013’.

“Strong export growth has contributed to the current account surplus,” QNB said.

Qatar’s current account surplus has expanded, driven by strong export growth of 19% between 2008 and 2012. Partially offsetting this increase, imports have grown at a rate of 5% during the same period and non-physical transfers abroad too have grown.

Non-physical outflows increased by 27% between 2008 and 2012, mainly owing to an increase in the repatriation of workers’ remittances and company profits as corporate and individual incomes have risen in line with Qatar’s rapid economic growth.

Transportation services payments are also a significant outflow under the current account, mainly consisting of transport costs related to the export of hydrocarbons and imports of goods.

While Qatar’s exports have grown, the pick-up in economic activity and population growth has boosted imports as well, the report shows.

The country’s population stood at 1.94mn on April 30, Statistics Authority said recently.

Qatar’s imports grew by 17% in 2012 to $26bn, QNB said.

The increase has been mainly driven by a pick-up in project activity and the continued inflow of foreign workers into the country. The fall in imports between 2008 and 2011 was mainly due to lower requirements for machinery and transport equipment for major LNG expansion projects as these were nearing completion.

Higher imports in 2012 mark a turnaround as imports of machinery and equipment have again started to pick up, as major infrastructure projects have accelerated in the run up to the 2022 World Cup.

The US is the leading import source for Qatar although the EU countries collectively supply 26% of imports. The main import has been machinery, the report said.

Reported by: Caye Global News, Gulf Times

…………………………………………………………………………………………………………………….

Oil, Gas and Petrochemicals  by Dr. Theodore, now available on these stores:

The Secret World of EnergyBuy the Book on Hive

Oil – Gas Exploration & Drilling:

Buy the Book on HiveThe World of Energy Library

Leave a Reply