Qatar’s total value of private sector exports for the third quarter of this year reached QAR2.56 billion ($701.55 million), indicating a modest decline of 2.5 percent compared to QAR2.62 billion ($718 million) in the second quarter of 2024, as reported by the Qatar Chamber‘s quarterly analysis.

The report further detailed that, according to the types of certificates of origin issued by the chamber during Q3, exports under the General Model increased by 1.3 percent to QAR2.07 billion, while those under the Arab Model surged by 17.1 percent to QAR82.7 million. Exports utilizing the Unified GCC Model experienced a significant drop of 20.4 percent, falling from QAR505.4 million to QAR402.4 million.

Sector-specific export highlights

The QC newsletter highlighted that fuel exports for the third quarter of 2024 totaled QAR646 million, reflecting a notable rise of 48.8 percent compared to QAR435 million in the previous quarter. Additionally, aluminium exports reached QAR496.4 million, marking a substantial increase of 64.2 percent.

Read more: Qatar achieves $5.51 billion in trade surplus in July 2024, total exports reach $8.28 billion

Declines in other commodities

In contrast, essential and industrial oils saw a decrease, totaling QAR303 million, which represents a decline of 29.1 percent. Steel exports also fell, amounting to QAR214.1 million, down by 1.9 percent.

Export destinations by region

In terms of economic blocs and groupings, Asian nations (excluding GCC and Arab countries) ranked as the top recipients of private sector exports in Q3 2024, with a total value of QAR1.02 billion, making up 40.06 percent of overall exports. They were followed by GCC countries, which received QAR657.55 million, or 25.71 percent of the total.

Contributions from the EU and Arab nations

The European Union came in third, with exports amounting to QAR631.66 million, constituting 24.70 percent of the total value. Arab nations (excluding GCC states) received QAR160.35 million, accounting for 6.27 percent, while other European countries received QAR47.82 million, or 1.87 percent of the total.

During Q3 2024, Qatari exports reached 101 countries across the various economic groupings.

Leading export destinations

The report identified India as the leading destination for private sector exports, with nearly QAR442.1 million, which represents 17.3 percent of total exports. Following India, the Netherlands received close to QAR375.3 million, accounting for 14.7 percent, while the UAE imported approximately QAR280.3 million, making up 11 percent.

China ranked fourth with approximately QAR189.6 million, representing 7.4 percent, and Saudi Arabia secured fifth place with exports valued at QAR156.5 million, comprising 6.1 percent of the total.