Qatar’s foreign merchandise trade balance in January 2024 witnessed a surplus of QAR17.5 billion ($4.8 billion), marking a significant decrease compared to the same period in 2023. According to the latest report from the Planning and Statistics Authority, the decline in surplus is attributed to a notable decrease in exports coupled with a significant increase in imports during the same period.
Compared to January 2023, the surplus in Qatar’s trade balance in January 2024 decreased by approximately QAR6.8 billion, representing a 28.1 percent decline. Moreover, the surplus also decreased by nearly QAR1.3 billion or 6.8 percent compared to December 2023.
Exports and imports
The total export of goods in Qatar’s trade balance in January 2024, including domestic origin exports and re-exports, amounted to approximately QAR30.9 billion. This indicates a 9.1 percent decrease compared to January 2023 but a 5.7 percent increase compared to December 2023. Conversely, imports of goods in January 2024 reached around QAR13.4 billion, showcasing a significant increase of 38.3 percent compared to January 2023 and a 28 percent increase compared to December 2023.
The decline in total exports in Qatar’s trade balance in January can be attributed to the decline in petroleum exports. Exports of petroleum gases and other gaseous hydrocarbons reached QAR19.7 billion in January 2024, a 10.8 percent decrease. Meanwhile, exports of petroleum oils & crude reached QAR5 billion, marking a 0.2 percent decline. Furthermore, exports of petroleum oils and oils from bituminous minerals (not crude) reached QAR2.1 billion.
Top export destinations
In January 2024, China emerged as the leading destination for Qatar’s exports with almost QAR7.5 billion. This makes up 24.2 percent of total exports in Qatar’s trade balance. Following closely was South Korea with almost QAR4.2 billion and a share of 13.5 percent. India followed with QAR4.1 billion, a 13.1 percent share of Qatar’s exports.
Regarding imports, China was the leading country of origin of Qatar’s imports with about QAR1.8 billion, a 13.2 percent share of the imports. In second place came Oman with QAR1.3 billion, a 9.3 percent share of Qatar’s imports. Finally, the United States’ imports to Qatar recorded QAR1.0 billion, a 7.1 percent share of total imports.
Read: Trade volume between Saudi Arabia, GCC countries surpasses $14.82 billion in Q4 2023
Key commodities
Among the imported commodities in Qatar’s trade balance, ‘Electrical Apparatus for Line Telephony/Telegraphy, Telephone Sets Etc.; Parts Thereof’ topped the list, with QAR0.42 billion, a decrease of 7.2 percent.
In second place came the ‘Motor Cars & Other Motor Vehicles for the Transport of Persons’ group with QAR0.41 billion, a decrease of 6 percent. In third place, the ‘Parts of Aeroplanes or Helicopters’ group recorded QAR0.3 billion, marking an increase of 46.1 percent.
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