Monday, 29 January 2018 18:18

Qatar’s trade surplus jumps by 39.1%

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Qatars trade surplus

Qatar’s trade surplus jumps by 39.1%

The Peninsula | January 29, 2018- Despite the ongoing unjust siege against Qatar, the country’s international trade and trade surplus have registered a remarkable double-digit growth in December 2017, both on yearly basis as well as well as month-on-month. The sharp increase in trade surplus was attributed to higher exports value of petroleum gases and other hydrocarbons products.

In December 2017, the foreign merchandise trade balance, which represents the difference between total exports and imports, showing a surplus of QR14.9bn, an increase of about QR4.2bn, or 39.1 percent, compared to the corresponding month previous year (2016). When compared on monthly basis, the trade surplus has increased by nearly QR 2.1bn, or 16.1 percent, compared to November 2017.

The total value of exports of goods, including exports of goods of domestic origin and re-exports, in December 2017 reached at QR25.9bn, showing a sharp increase of 34.5 percent, compared to the same month in 2016.

On monthly basis, Qatar’s exports in December 2017 surged by 19 percent compared to November 2017, preliminary data released by the Ministry of Development Planning and Statistics (MDPS) showed.

On other hand, the imports of goods in December 2017 amounted to about QR11bn, showing an increase of 28.8 percent over December 2016. However, on a month-on-month (m-o-m) basis the imports increased by 23.1 percent.

The year-on-year increase in total exports was mainly due to higher exports of Petroleum gases and other gaseous hydrocarbons (LNG, condensates, propane, butane, among others) reaching at about QR14.3bn in December 2017, an increase of 21.2 percent, Petroleum oils and oils from bituminous minerals (crude) reaching QR6.5bn, increased by 90.7 percent, and increase in the Petroleum oils & oils from bituminous minerals (not crude) reaching QR1.7bn, increased by 80.8 percent.

In December 2017, Japan was at the top of the countries of destination of Qatar’s exports with close to QR5bn, a share of 19.3 percent of total exports, followed by South Korea with almost QR3.8bn and a share of 14.7 percent, India with about QR3.3bn, a share of 12.7 percent.

During December 2017, the group of “Motor cars & other passenger vehicles” was at the top of the imported group of commodities, with QR400, showing a decrease of 44.7 percent compared to December 2016.

In second place was “Electrical Apparatus For Line Telephony/Telegraphy, Telephone Sets and others; Parts Thereof”, with QR400m, showing an increase by 62.5 percent, and in third place was “ Turbojets, Turbo propellers & Other Gas Turbines; Parts Thereof “, with QR300m, decrease of 43.9 percent.

In December 2017, the US was the leading country of origin of Qatar’s imports with about QR3.2bn, a share of 28.7 percent of the imports, followed by China with QR1.5bn, a share of 13.6 percent, and Germany with QR700m, a share of 6.3 percent.

Source: http://iccia.com/?q=mediacenter/news/23951/details

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