Qatar’s trade surplus at QR43.3bn in Q2 this year

Oct 05, 2015

Qatar’s trade surplus fell by 53 percent to QR43.3bn in second quarter of 2015 (Q2, 2015) from a year ago driven by lower energy exports. The country’s trade balance surplus was QR93.1bn in the same quarter previous year.

The value of Qatar’s total exports, in second quarter this year, amounted to QR72.6bn, decreased by QR47.1bn, or 39.3 percent, compared to QR119.7bn in corresponding quarter in 2014.

The decline in total exports was mainly due to lower exports of mineral fuels, lubricants and related materials by QR47.8bn and Manufactured goods by QR0.4bn. However, an increase was recorded in chemical and related products by QR0.5bn, showed the data released yesterday by the Ministry of Development Planning and Statistics.

The combined value of Qatar’s imports in Q2 was QR29.3bn, showing a rise of QR2.7bn, or 10.3 percent, compared to Q2 2014 imports of QR26.6bn.

“The year-on-year rise in imports reflected increase mainly in Machinery and transport equipment (QR1.7bn), Manufactured goods (QR0.5bn), Food and live animals by (QR0.3bn), and Miscellaneous manufactured articles (QR0.3bn),” said the ministry in a press note.

During Q2, Asia was the principal destination of Qatar’s exports and the first origin of Qatar’s imports, representing 71.3 percent and 31.3 percent respectively, followed by the European Union, accounting for 11.9 percent and 28.7 percent respectively, and the GCC, with 9.8 percent and 15.7 percent respectively.

In Asia, South Korea was the major destination of the exports with QR14.2bn (showing a share of 19.5 percent of Qatar’s total exports), followed by Japan with QR13.6bn (18.7 percent), and India with QR8.5bn (11.8 percent). On the other hand, China was the principal origin of the imports with QR 2.9bn (9.7 percent of Qatar’s imports), followed by Japan with QR1.8bn (6.3 percent) and India with QR 1.1bn (3.9 percent).

Exports to Asia were dominated by liquefied natural gas (LNG), crude oil, condensates, propane, butane, naphtha, polyethylene, aluminum alloys, urea whether or not in aqueous solution, unwrought aluminum, methanol, vinyl chloride, Sulphur, and ether derivatives. In the second place was the European Union, with 11.9 percent of Qatar’s exports and 28.7 percent of Qatar’s imports.

Among the GCC countries, UAE was the first partner country reporting exports of QR5.1bn (7.1 percent) and imports of QR2.7bn (9.3 percent of Qatar’s imports). Exports to UAE were followed by the exports to Saudi Arabia with QR1.1bn (1.6 percent) and Kuwait, QR0.4bn (0.5 percent). Imports from Saudi Arabia with QR1.3bn (4.3 percent) and Oman with QR0.3bn (1.1 percent) were in second and third place, respectively.

Source: Peninsula On-line