Qatar’s trade surplus touches $4.77bn in June

RIYADH: Qatar’s trade surplus remained broadly stable in June, reaching 17.4 billion Qatari riyals ($4.77 billion), reflecting a slight dip of 4.4 percent from the previous month.

The trade surplus decreased by 42.3 percent compared to June last year, according to data released by the country’s Planning and Statistics Authority.

Merchandise exports fell by 3.5 percent compared to the previous month, reaching 26.8 billion riyals. They also dropped by 32 percent on a year-on-year basis compared to June 2022.

Total exports decreased mainly due to a 29.7 percent fall in petroleum gases and other gaseous hydrocarbons.

Crude and non-crude petroleum exports declined by 26.4 percent and 46.9 percent, respectively.

In June 2023, China was the top destination for Qatar exports, accounting for a 20.1 percent share — or 5.4 billion riyals — the authority’s report showed.

It was followed by South Korea which received 11.9 percent of the country’s total exports, amounting to 3.2 billion riyals.

India represented a share of 11.8 percent of Qatar’s exports with a value of 3.2 billion riyals.

Qatar’s imports reflected a 1.1 percent increase on a year-on-year basis, hitting 9.4 billion riyals.

This was a 1.8 percent decrease compared to the previous month.

With a 19.5 percent share, the US topped the list of destinations from where Qatar imported its goods in June, accounting for approximately 1.8 billion riyals.

China came second with nearly 1.3 billion riyals representing, a 14.1 percent share of Qatar’s total imports, followed by Germany with 500 million riyals, accounting for 5.6 percent.

On an annual basis, turbo jets and propellers and other gas turbines topped the list of imported commodities, representing a growth of 37.2 percent with 500 million riyals.

The gas turbine segment was followed by motor cars and other vehicles used for people transportation, with a value of 480 million riyals, a 44.5 percent increase.

The third commodity was medicines consisting of blended or unblended products intended for use in curative or preventive medicine, increasing by 34.7 percent with a value of 300 million riyals.

In April, the Gulf state recorded a trade surplus of 22 billion riyals, reflecting a 3.5 percent increase over March while a 35.6 percent decline compared to April 2022.

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