Qatar’s foreign merchandise trade balance, which reflects the difference between total exports and imports, recorded a surplus of QAR20.1 billion ($5.51 billion) in July 2024. This marks an increase of approximately QAR0.5 billion, or 2.5 percent, compared to July 2023, and a rise of nearly QAR0.6 billion, or 2.9 percent, from June 2024.

Growth in exports, import trends

As reported by the National Planning Council, total goods exports (including both domestic origin and re-exports) reached around QAR30.2 billion ($8.28 billion) in July 2024, representing a 3.9 percent increase compared to July 2023 and a 2.5 percent increase from June 2024.

Goods imports for July 2024 totaled about QAR10.1 billion ($2.77 billion), showing a 6.8 percent rise year-on-year from July 2023 and a 1.8 percent increase compared to June 2024.

Key export drivers

Moreover, the year-on-year growth in total exports was primarily driven by higher exports of petroleum gases and other gaseous hydrocarbons (including LNG, condensates, propane, and butane), which amounted to around QAR17.6 billion in July 2024, reflecting a 3.7 percent increase. However, exports of petroleum oils and oils from bituminous minerals (crude) decreased by 8.3 percent to QAR4.9 billion, while the category of petroleum oils and oils from bituminous minerals (not crude) saw a decline of 5.2 percent, reaching QAR2.6 billion.

Export destinations

In terms of export destinations, China led with nearly QAR5.9 billion ($1.61 billion), accounting for 19.6 percent of total exports. South Korea followed with approximately QAR3.8 billion (12.6 percent), and India with about QAR3.7 billion (12.2 percent).

Read more: Qatar’s growing real estate market: $381.78 million traded through 350 transactions in February 2024

Import categories

On the import side, the category “Turbojets, Turbopropellers & Other Gas Turbines; Parts Thereof” led the list with QAR0.6 billion, reflecting a year-on-year decrease of 31.4 percent. The second largest group was “Parts of Balloons Etc; Parts of Aircraft; Spacecraft Etc,” totaling QAR0.27 billion, which saw a decline of 41.9 percent.Additionally, in third place was “Medicaments Mixed or not, In Dosage Etc. Format,” with QAR0.26 billion. This represents an increase of 34.4 percent.

Sources of imports

In terms of import origins, China was the largest source of Qatar’s imports at about QAR1.5 billion, representing 14.8 percent of total imports. Furthermore, the United States followed closely with nearly QAR1.4 billion (14.3 percent), and Japan contributed around QAR0.7 billion (6.5 percent).

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