Qatar’s foreign merchandise trade balance for September 2024 showed a surplus of nearly QAR17.7 billion ($4.85 billion). However, this surplus marks a decline of approximately QA2.13 billion, or 10.7 percent, compared to September 2023, and a decrease of about QAR2.08 billion, or 10.5 percent, from August 2024.
Qatar’s National Planning Council (NPC) has published initial statistics regarding the value of exports of domestically-produced goods, re-exports, and imports for September 2024.
Total exports, which include both domestically-produced goods and re-exports, reached around QAR27.6 billion. This represents a decline of 5.7 percent compared to the same month last year and a drop of 7.9 percent from August 2024.
On the import side, Qatar recorded approximately QAR9.9 billion ($2.71 billion) in September 2024. This figure reflects a year-on-year increase of 4.9 percent from September 2023 but a decrease of 2.8 percent compared to the previous month.
Factors influencing export decline
The year-on-year decline in total exports was primarily attributed to a reduction in the export of petroleum gases and other gaseous hydrocarbons (including LNG, condensates, propane, and butane), which reached around QAR16.7 billion in September 2024, reflecting a slight decrease of 0.1 percent. Exports of petroleum oils and oils from bituminous minerals (crude) fell to about QAR3.7 billion, a decline of 31.3 percent, while petroleum oils and oils from bituminous minerals (not crude) also decreased to QAR5.2 billion, down 21.5 percent.
Major export destinations
In terms of export destinations, China topped the list in September 2024, receiving close to QAR5.6 billion, which accounted for 20.3 percent of total exports. South Korea followed with nearly QAR3.0 billion, representing 10.8 percent, while India secured third place with about QAR2.9 billion, constituting 10.4 percent of the total.
Highlights of imported commodities
On the import side, the category ‘Parts of Balloons Etc.; Parts of Aircraft; Spacecraft Etc.’ led the way with QAR0.4 billion, showing a decrease of 10.6 percent year-on-year. The second highest category was ‘Turbojets, Turbopropellers & Other Gas Turbines; Parts Thereof’ at QAR0.3 billion, which saw a significant decline of 52.0 percent. In third place, ‘Medicaments Nes, Mixed Or Not, In Dosage Etc. Form’ recorded QAR0.2 billion, marking an increase of 37.3 percent.
Leading countries of origin for imports
For imports, China was the leading country of origin for Qatar’s imports in September 2024, totaling about QAR1.7 billion, which represented 17.5 percent of the import total. The United States followed with nearly QAR1.1 billion, accounting for 10.9 percent, and Japan came in third with QAR0.6 billion, making up 5.9 percent.
August 2024 trade balance
In August 2024, Qatar’s foreign merchandise trade balance recorded a surplus of QAR20.1 billion ($5.51 billion). This figure reflects an increase of approximately QAR0.5 billion, or 2.5 percent, compared to July 2023, and a rise of nearly QAR0.6 billion, or 2.9 percent, from June 2024.
Export and import trends in July 2024
Total goods exports (including both domestic and re-exports) reached around QAR30.2 billion ($8.28 billion) in July 2024, representing a 3.9 percent increase year-on-year compared to July 2023, and a 2.5 percent rise from June 2024. Meanwhile, goods imports for July 2024 totaled about QAR10.1 billion ($2.77 billion), reflecting a 6.8 percent year-on-year increase from July 2023 and a 1.8 percent rise compared to June 2024.
Growth drivers for July exports
The year-on-year growth in total exports was largely driven by increased exports of petroleum gases and other gaseous hydrocarbons (including LNG, condensates, propane, and butane), which amounted to around QAR17.6 billion in July 2024, marking a 3.7 percent increase. However, exports of petroleum oils and oils from bituminous minerals (crude) decreased by 8.3 percent to QAR4.9 billion, while the category of petroleum oils and oils from bituminous minerals (not crude) experienced a decline of 5.2 percent, reaching QAR2.6 billion.
Export distribution in Q1 2024
During the first quarter of 2024, Asia emerged as the primary destination for Qatar’s exports, capturing an impressive 81 percent share of the country’s total exports. Following Asia were the Gulf Cooperation Council (GCC) countries, accounting for 8.9 percent of Qatar’s exports, and the European Union, which represented 6.7 percent of the total.
Top export destinations in Q1
In Q1, Qatar’s exports to China amounted to $5.59 billion, making it the leading destination country. South Korea followed with exports totaling $3.48 billion, while India secured third place with $3.17 billion. Japan ranked fourth, with an export value of $1.67 billion.
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