Qatar’s trade surplus increases from 57.6% to QR13.5 bn in January

Qatar’s foreign merchandise trade balance, which represents the difference between total exports and imports depicted a surplus of QR 13.5 billion in January this year, increased around QR 1.1 billion or 8.7 percent as compared to January 2020, and as compared to December 2020, has escalated about QR 4.9 billion or 57.6 percent.

As Shown by the preliminary figures of the value of exports of domestic goods, re-exports and imports for January 2021 released by the Planning and Statistics Authority (PSA), Qatar’s total exports of goods including exports of goods of domestic origin and re-exports came up to QR 21.3 billion, showing a decrease of 4.7 percent compared to January 2020, and an increase of 24.3 percent compared to December 2020.

On other hand, the imports of goods in January 2021 amounted to around QR7.8 billion, showing a decrease of 21.5 percent in the month of January 2020. The imports decrease by 9.2 percent compared to December 2020.

This year alone the decrease in total exports was primarily because of the lower exports of petroleum gases and other gaseous hydrocarbons like LNG, condensates, propane, butane amounting to around QR 13.1 billion in January 2021, that resulted in a decrease of 13.3 percent.

It was also due to exports of petroleum oils and oils from bituminous minerals (crude) reaching around QR3.1 billion, decreasing by 3 percent. Exports of petroleum oils and oils from bituminous minerals (not crude), however, increased by 45.5 percent to reach 1.7 billion.

In January 2021, the top country of destination of Qatar’s exports with close to QR 4.6 billion and having a share of 21.5 percent of total exports was China, followed by Japan with around QR 3.6 bn and a share of 16. 9 percent, and South Korea having nearly QR 3.2 bn with a share of 14.9 percent

As per the yearly basis, the group of ‘Turbojets, Turbo propellers and other Gas Turbines; Parts Thereof’ was at the top of the imported group of commodities, with QR 0.5 billion, depicting a decline of 27.5 percent.  In the second place was ‘Motor Cars and Other Motor Vehicles for The Transport of Persons’ with QR 0.4 bn showing a decrease of 7.2% and in third place was ‘Electrical Apparatus for Line Telephony/Telegraphy, Telephone Sets; Parts Thereof’ with QR 0.3 billion, an increase of 33.5 percent.

China was the leading country of Origin of Qatar’s imports having nearly QR 1.1 bn and a share of 14.3 percent of the imports as of January 2021. The United States was second with about QR 1 billion and having a share of 13 percent, followed by United Kingdom with QR 0.6 billion, having a share of 8 percent.

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