During the first quarter of 2024, Asia emerged as the primary receiver of Qatar’s exports with an 81 percent share of the country’s total exports. Following behind Asia were the Gulf Cooperation Council (GCC) countries with 8.9 percent of Qatar’s exports and the European Union with 6.7 percent of total exports.
China Qatar’s top export destination
Qatar’s exports to China in Q1 reached $5.59 billion, making China the top destination country. In second place came South Korea with exports reaching $3.48 billion and in third place came India with $3.17 billion. Japan secured the 4th place with an export value of $1.67 billion.
Total exports decline
The value of Qatar’s total exports reached QAR87.6 billion ($23.99 billion) in Q1 2024, an 8.6 percent annual decline and a 3.3 percent quarterly increase. The National Planning Council (NPC) attributes this decline in exports to a decline in shipments of mineral fuels, lubricants and related materials, which dropped by 10.9 percent annually. In addition, exports of chemicals and related products saw a 2.1 percent annual decline.
However, Qatar recorded a significant 30.2 percent increase in exports of machinery and transport equipment and an 81.4 percent increase in outbound shipments of miscellaneous manufactured articles.
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Imports rise
On the other hand, the country’s imports saw a 25.4 percent increase to $9.42 billion. Asia and the GCC region remained the primary import sources to Qatar, accounting for 39.3 percent and 12.9 percent of total imports, respectively.
Despite the increase in imports, Qatar recorded a trade balance surplus of $14.57 billion in Q1, a 28.5 percent annual decline from $18.73 billion in Q1 of 2023. However, the trade balance surplus saw a 2.2 percent decline compared to Q4 of 2023.
Despite the decline in total exports, Qatar’s private sector exports recorded a 6 percent quarter-on-quarter increase in Q1, from QAR2.39 billion ($656 million) in the fourth quarter of 2023 to QAR2.53 billion ($694 million) in Q1 of 2024, according to the latest Qatar Chamber data. Asia, excluding Arab and GCC countries, also emerged as the top receiver of Qatar’s private sector exports in Q1 of 2024 with a 41.90 percent share of the sector’s total exports.
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