Qatar’s trade surplus rises by 8.7% in August

Doha, Qatar: The foreign merchandise trade balance, which represents the difference between total exports and imports, showed a increase by nearly QR1.7bn or 8.7% compared to July 2023 and surplus of QR21.4bn, a decrease of about QR14.9b or 41.1% compared to August 2022.

According to the Planning and Statistics Authority data in August 2023, the total exports of goods (including exports of goods of domestic origin and re-exports) amounted to around QR31.4bn, showing a decrease of 32.9% compared August 2022, and increase of 8% compared to July 2023.

On other hand, the imports of goods in August 2023 amounted to around QR10.1bn, showing a decrease of 4.8% compared to August 2022. and increase of 6.6% compared to July 2023.

In August 2023, the foreign merchandise trade balance, which represents the difference between total exports and imports, showed a surplus of QR21.4bn almost, i.e., a decrease of about QR14.9bn or 41.1% compared to August 2022, and increase by nearly QR1.7bn or 8.7% compared to July 2023.

The year on year (August 2023 vs. August 2022) decrease in total exports was mainly due to lower exports of Petroleum gases and other gaseous hydrocarbons (LNG, condensates, propane, butane, etc.) reaching QR17.7bn (approximately) in August 2023, i.e. decrease of 47.4%, Petroleum oils & oils from bituminous minerals (crude) reaching QR6.8bn nearly, increase by 30.1%, and increase in the Petroleum oils & oils from bituminous minerals (not crude) reaching QR3.2bn (8.4%).

In August 2023, China was at the top of the countries of destination of Qatar’s exports with close to QR7.5bn, a share of 23.9% of total exports, followed by South Korea with almost QR3.9bn and a share of 12.4%, and India with about QR3.3bn, a share of 10.5%.

The year on year (August 2023 vs. August 2022), the group of “Turbojets, Turbopropellers & Other Gas Turbines; Parts Thereof” was at the top of the imported group of commodities, with QR0.51bn, showing a decrease of 14.1%. In second place was “Parts of Aeroplanes or Helicopters” with QR0.49bn, increase by 93.7%, and in third place “Motor Cars & Other Motor Vehicles for the Transport of Persons” with QR0.48bn, showing an increase of 3.9%.