Qatar’s Exports Surge in First Quarter Despite Overall Decline
In a surprising turn of events, Qatar’s overall exports showed a 3.3 percent increase, reaching a staggering 87.6 billion Qatari riyals ($24.08 billion) in the first quarter of the year, as per official data from the Planning and Statistics Authority.
Notable Growth in Specific Export Sectors
The report highlighted significant growth in specific export sectors. Exports of chemicals and related products surged by an impressive 13.2 percent quarter on quarter to 6.7 billion riyals. Similarly, outbound shipments of miscellaneous manufactured articles saw a remarkable increase of 89.2 percent, totaling 1.1 billion riyals compared to the same period in the previous year. Additionally, exports of food and live animals soared by an astounding 136.2 percent quarter on quarter, amounting to 137 million riyals in the first quarter of this year.
Decline in Overall Exports
However, despite these positive trends, Qatar’s overall exports experienced an 8.6 percent decline in the first quarter compared to the same period of the previous year, totaling 95.9 billion riyals. This decline was mainly attributed to a decrease in overseas shipments of mineral fuels, lubricants, and related materials, which dropped by 10.9 percent year on year. Additionally, chemical and related product exports decreased by 2.1 percent compared to the first quarter of 2023.
Primary Export Destinations
Asia emerged as the primary destination for Qatari exports during the first quarter, representing a whopping 81 percent of the overall outbound shipments. Following Asia were the Gulf Cooperation Council region and the EU, with exports amounting to 8.9 percent and 6.7 percent, respectively.
Imports on the Rise
Meanwhile, Qatar’s overall imports in the first quarter increased by a significant 25.4 percent to 34.4 billion riyals. Asia and the GCC remained the primary importers to Qatar, accounting for 39.3 percent and 12.9 percent, respectively, of the overall imports.
Trade Balance Surplus
Despite the increase in imports, Qatar maintained a trade balance surplus of 53.2 billion riyals in the first quarter, representing a 28.5 percent year-on-year decline from 68.4 billion riyals in the same period of 2023. However, the trade balance surplus saw a marginal decline of 2.2 percent compared to the last quarter of 2023.
Growth in Private Sector Exports
Data from the country’s Chamber of Commerce and Industry revealed a 6 percent increase in Qatar’s private sector exports in the first quarter of 2024, totaling 2.53 billion riyals. The chamber also noted a 12 percent rise in the value of private sector exports beyond the GCC and Arab region, from 1.79 billion riyals to 2 billion riyals.