Qatar records over $5bn trade surplus despite export decrease

Qatar reported a positive foreign merchandise trade balance for December 2023, with a surplus of nearly 18.7 billion Qatari riyals ($5.13 billion).

Recent data from the Planning and Statistics Authority revealed that the overall surplus represented a decrease of about 9.5 billion riyals, or a 33.7 percent drop, compared to the corresponding period in 2022.

It was, however, an increase of nearly 2 billion riyals, or 12 percent, compared to the previous month – November 2023.

Additionally, goods exports across December totaled around 29.2 billion riyals, indicating a 23.7 percent decrease from the same period in 2022, but a 10.2 percent increase from the previous month.

Meanwhile, goods imports for December amounted to about 10.5 billion riyals, showing a 4.2 percent increase year on year and a 7 percent monthly increase.

The year-on-year decrease in total exports for December was primarily attributed to lower exports of petroleum gases and other gaseous hydrocarbons, amounting to approximately 18.1 billion riyals, a drop of 31.1 percent.

Exports of petroleum oils and crude decreased by 3.4 percent, reaching 4.8 billion riyals, and petroleum oils and oils from bituminous minerals, which are not crude, decreased by 6.1 percent, reaching 2.2 billion riyals.

In December 2023, China emerged as the top destination for Qatar’s exports, accounting for nearly 5.8 billion riyals or 19.7 percent of the total, followed by India with almost 4.5 billion riyals and South Korea with about 2.9 billion riyals.

The leading imported commodities group during the period was “turbojets, turbo propellers and other gas turbines; parts thereof,” with 1 billion riyals, reflecting a 12.3 percent increase.

“Motor cars and other motor vehicles for the transport of persons” secured second place with 500 million riyals, indicating an 8.9 percent increase, while “electrical apparatus for line telephony/telegraphy, telephone sets, etc.; parts thereof” ranked third with 400 million riyals, reflecting a 28.1 percent surge.

China also stood out as the leading country of origin for Qatar’s imports in December 2023, contributing about 1.50 billion riyals, followed by the US with almost 1.45 billion riyals and Italy with 1 billion riyals.