Qatar’s Export Figures Soar in June
In a remarkable development, Qatar witnessed a substantial surge in its export numbers in June, driven primarily by petroleum gases and other gaseous hydrocarbons. The figures showed a significant 9.9 percent increase compared to the same month in the previous year.
Record-breaking Exports Reach 29.5 Billion Qatari Riyals
Official data from the National Planning Council revealed that total exports soared to approximately 29.5 billion Qatari riyals ($8.16 billion). This surge not only marked a noteworthy year-on-year rise but also indicated a month-on-month increase of 5.1 percent.
Key Highlights of Export Categories
The export numbers encompassed a wide range of goods, including both domestic products and re-exports. Notable increases were seen in exports of LNG, condensates, propane, and butane, totaling around 17.9 billion riyals in June – an impressive 8.8 percent rise. Additionally, exports of petroleum oils and oils from bituminous minerals (crude) witnessed a 6 percent increase, reaching nearly 5.1 billion riyals.
Import Trends in June 2024
On the import front, Qatar’s goods imports in June 2024 amounted to approximately 9.9 billion riyals. While this figure represented a 5.1 percent increase compared to June 2023, it also showed a slight decline of 5.8 percent from May 2024.
Surplus in Foreign Merchandise Trade Balance
The foreign merchandise trade balance for June revealed a surplus of 19.6 billion riyals. This surplus marked a significant increase of about 2.2 billion riyals, or 12.4 percent, from June 2023, and a rise of nearly 2 billion riyals, or 11.7 percent, from May 2024.
Top Export Destinations and Import Sources
South Korea emerged as Qatar’s leading export market in June, accounting for 16.5 percent of total exports valued at 4.9 billion riyals. China followed closely with a 12.4 percent share, amounting to nearly 3.6 billion riyals, while India ranked third with approximately 3.3 billion riyals, representing 11.2 percent of total exports.
On the import side, China stood out as the primary country of origin for Qatar’s goods, contributing around 1.6 billion riyals, which constituted 16.4 percent of total imports. The US followed with 1.3 billion riyals, making up 13.4 percent, and Italy secured the third position with 0.7 billion riyals, accounting for 6.6 percent of imports.