Posted on September 29, 2017

Despite the ongoing unjust blockade, Qatar’s trade surplus in August 2017 witnessed a sharp jump compared to the corresponding month last year.

The country’s foreign merchandise trade balance — which represents the difference between total exports and imports — in August showed a surplus of QR12.6bn ($3.64bn), up 45.4 percent, or QR3.9bn, compared to the same month in 2016.
The surge in trade surplus was largely due to increase in exports and partly as a result of decrease in imports.

However, when compared on month-on-month basis, the trade surplus of the country in August has increased by nearly 5 percent, or QR600m, compared to previous month (July 2017), preliminary figures released by the Ministry of Development Planning and Statistics show. In August 2017, the total exports of goods (including exports of goods of domestic origin and re-exports) amounted to around QR21.3bn ($5.84bn), showing an increase of 17.7 percent compared to August 2016, and increase by 16.6 percent compared to July 2017.

Qatar’s trade surplus at 2 [].jpg

On other hand, the imports of goods in August 2017 amounted to around QR8.7bn ($2.38bn), showing a decrease of 7.8 percent over August 2016. However, on a month on month (M-o-M) basis the imports increase by 39.1 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, and others) reaching approximately QR13.1bn in August 2017, an increase of 16.2 percent, while increase was shown in Petroleum oils & oils from bituminous minerals (crude) reaching QR3.7bn, registering an increase of 18.3 percent, and increase in the Petroleum oils & oils from bituminous minerals (not crude) reaching atQR1.3bn, up by 53.9 percent.

In August 2017, Japan was at the top of the countries of destination of Qatar’s exports with close to QR3.4bn, a share of 15.9 percent of total exports, followed by South Korea with almost QR2.9bn and a share of 13.7 percent, and China stood at third place with about QR2.7bn, accounting a share of 12.8 percent of total value of Qatar’s exports in August. During August 2017, the group of “Turbojets, Turbo propellers & Other Gas Turbines; Parts Thereof” was at the top of the imported group of commodities, with QR600m, showing a increase of 76.5 percent compared to August 2016. In second place was “Parts of Aircraft and helicopters and other imtems”, with QR300m, showing a increase of 39.7 percent, and in third place was “Motor cars & other passenger vehicles”, with QR300m, witnessing a decrease of 57.8 percent.

In August 2017, the US was the leading country of origin of Qatar’s imports with about QR1.3bn, a share of 15.4 percent of the imports, followed by China with QR900m almost, a share of 10.7 percent, and Germany with QR800, a share of 9.3 percent.

source: The Peninsula