Qatar maintained its trade surplus stability in June with a surplus of 17.4 billion Qatari riyals, approximately $4.77 billion. These numbers show a marginal decrease of 4.4 percent from the preceding month. Compared to June of last year, the trade surplus experienced a significant decline of 42.3 percent, based on data released by the country’s Planning and Statistics Authority.
Exports
The drop in merchandise exports contributed to the overall decline, with a 3.5 percent decrease compared to the previous month, resulting in total exports of 26.8 billion riyals. On a year-on-year basis, exports witnessed a substantial drop of 32 percent compared to June 2022.Â
The reduction in petroleum gases and other gaseous hydrocarbons exports by 29.7 percent was a primary factor behind the decline in total exports. Crude and non-crude petroleum exports also experienced significant drops of 26.4 percent and 46.9 percent, respectively.
In June 2023, China was the leading destination for Qatar’s exports, accounting for a 20.1 percent share, equivalent to 5.4 billion riyals, as per the authority’s report. Following China, South Korea received 11.9 percent of Qatar’s total exports, amounting to 3.2 billion riyals. India represented an 11.8 percent share, with a value of 3.2 billion riyals.
Read more:Â Why did Qatar achieve two-thirds of its projected surplus in 2023 budget?
Imports
As for imports, Qatar experienced a year-on-year increase of 1.1 percent in June, reaching 9.4 billion riyals. This marks a 1.8 percent decline compared to the previous month. The United States was the primary source of Qatar’s imports, accounting for 19.5 percent, with a value of approximately 1.8 billion riyals. China followed closely in second place, contributing nearly 1.3 billion riyals, representing a 14.1 percent share of Qatar’s total imports. Germany stood in third place with 500 million riyals, accounting for 5.6 percent.
Top imported commodities include turbo jets, propellers, and other gas turbines. Import growth resulted in 37.2 percent, with a value of 500 million riyals. Motor cars and other vehicles used for transportation followed closely, with a value of 480 million riyals, reflecting a 44.5 percent increase. Medicines ranked third, showing a growth of 34.7 percent with a value of 300 million riyals.
In April, Qatar recorded a trade surplus of 22 billion riyals, indicating a 3.5 percent increase compared to March but a significant decline of 35.6 percent compared to April 2022.
For more news on Qatar, click here.
