In the third quarter of 2024, Qatar witnessed a merchandise trade balance surplus, which is the difference between total exports and imports, amounting to QAR57.7 billion ($15.8 billion), a decline from QAR60.9 billion ($16.7 billion) in the same quarter of 2023.
Export performance in Q3 2024
As reported by the Planning and Statistics Authority, the total value of Qatar’s exports in Q3 2024, including both domestic goods and re-exports, reached QAR87.8 billion ($24 billion). This represents a decrease of QAR2.0 billion (2.2 percent) compared to Q3 2023, when total exports were QAR89.8 billion. However, there was an increase of nearly QAR2.8 billion, or 3.3 percent, compared to Q2 2024, QNA reported.
Read more | Qatar: Private sector exports hit $701.6 million in Q3 2024
Factors influencing export declines
The year-on-year (Y-o-Y) decline in total exports for Q3 2024 can be attributed primarily to a reduction in exports of mineral fuels, lubricants, and related materials, which fell by QAR5.0 billion (6.5 percent), along with miscellaneous manufactured articles, which decreased by QAR0.1 billion (22.0 percent).
Notable increases in export categories
There were notable increases in several categories, including chemicals and related products not elsewhere specified (n.e.s.) by QAR1.5 billion (24.5 percent), machinery and transport equipment by QAR1.2 billion (53.3 percent), manufactured goods classified chiefly by material by QAR0.4 billion (17.1 percent), and crude materials, inedible, except fuels, by QAR0.1 billion (24.8 percent).
Import values and trends
In Q3 2024, the total value of Qatar’s imports stood at QAR30.1 billion ($8.3 billion), reflecting an increase of QAR1.2 billion (4.1 percent) compared to imports of QAR28.9 billion in Q3 2023, while showing a slight decrease of nearly QAR0.3 billion, or 1.1 percent, compared to Q2 2024.
Year-on-year import increases
The year-on-year increase in import values for Q3 2024 was largely due to rising figures in machinery and transport equipment, which increased by QAR0.8 billion (6.7 percent), chemicals and related products n.e.s. by QAR0.4 billion (17.2 percent), mineral fuels, lubricants, and related materials by QAR0.32 billion (58.2 percent), and food and live animals by QAR0.30 billion (9.8 percent).
Decreases in specific imported categories
On the downside, decreases were primarily noted in miscellaneous manufactured articles by QAR0.4 billion (6.7 percent) and manufactured goods classified chiefly by material by QAR0.3 billion (7.7 percent).
Trade relationships and destinations
During Q3 2024, Asia emerged as the leading destination for Qatar’s exports and the primary origin for its imports, accounting for 75.9 percent and 39.7 percent respectively. The Gulf Cooperation Council (GCC) followed, contributing 11.6 percent of exports and 11.3 percent of imports, while the European Union represented 7.7 percent of exports and 26.0 percent of imports.
