Qatar’s private sector exports grew from QAR2.39 billion ($656 million) in the fourth quarter of 2023 to QAR2.53 billion ($694 million) in Q1 of 2024, marking a 6 percent quarterly increase, according to the latest Qatar Chamber data. The chamber attributes this growth to an increase in exports through the General Model and the Unified GCC Model, while exports through the Unified Arab Model saw a decline on a quarterly basis.
In Q1 of 2024, Qatar’s private sector exports through the General Model saw a 12 percent increase from QAR1.79 billion to QAR2 billion. In addition, exports through the Unified GCC Model increased by 10 percent from QAR398 million to QAR438 million. However, exports through the Unified Arab Model saw a 54 percent decline from QAR202 million to QAR92.9 million.
Most exported goods
The Qatar private sector’s highest exports in value include fuel exports, which saw an 8.6 percent increase to QAR528 million in Q1 2024. Following closely came aluminum exports which, despite declining 10.5 percent in value, amounted to QAR438 million. Then came essential and industrial oil exports, which saw a 13.4 percent quarterly decline to QAR392 million. Meanwhile, steel exports surged by 89.4 percent to QAR275 million in Q1 of 2024.
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Asian countries emerge as top export destinations
Asian countries, excluding Arab and GCC countries, emerged as the top receivers of Qatar’s private sector exports in Q1 of 2024 with a 41.90 percent share (QAR1.06 billion). Second came the European Union with a 29.5 percent share and a total export value of QAR748.60 million. In third place came GCC countries with a 22.5 percent share of private sector exports and a value reaching QAR571.5 million.
Notably, the Netherlands emerged as the top destination for Qatar’s private sector exports, receiving 16.1 percent of total exports. Then came India with a share of 13.8 percent of total exports and Oman with a share of 9.7 percent.
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