Qatar private sector exports reach $686mln in Q1 2024: QC

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The value of private sector exports in the first quarter of 2024 (Q1) amounted to QR2.53 billion, a 6% increase on a quarterly basis compared to QR2.39 billion in the fourth quarter of 2023, according to the quarterly report released by Qatar Chamber recently.

The report showed that according to the type of certificates of origin issued by the Chamber this growth was due to the increase in exports through the General Model and the Unified GCC Model, while exports through the Unified Arab showed a decrease compared to Q4/2023.

In Q1/2024, exports through the General Model rose by 12 percent (from QR1.79 to QR2 billion). Similarly, exports through the Unified GCC Model rose by 10 percent (from QR398 to QR438 million). On the other hand, exports through the Unified Arab Model decreased by 54 percent (from QR202 to QR92.9 million).

Exports according to type of goods:

Based on the type of certificates of origin issued by the chamber in Q1/2024, the value of fuel exports amounted to QR528 million, showing an increase by 8.6 percent compared to QR486 million in Q4/2023.

Aluminium exports reached QR438 million, a decline of10.5 percent compared to its value in Q4/2023, which amounted to QR489 million.

Essential and Industrial Oils exports amounted to QR392 million, a decrease of13.4 percent, compared to QR453 million in Q4/2023.

Steel exports amounted to QR275 million, registering an increase of 89.4 percent compared to QR145 million in Q4/2023.

The report noted that Industrial Gases exports amounted to QR250 million, recoding an increase of 25.2 percent.

Lotrene exports amounted to QR131 million, significantly surged by 7811 percent compared to QR1.66 million in Q4/2023.

Chemical Substances exports amounted to QR93 million in Q1/2024, recording a decrease on a quarterly basis by 26.7 percent compared to its value in Q4/2023, which amounted to QR127 million.

Petrochemicals exports amounted to QR91 million, showing a decrease of

15.7 percent compared to its value in Q4/2023, which amounted to QR107 million.

Paraffin exports amounted to QR28.1 million; an increase of 184.9 percent compared to QR9.87 million in Q4/2023.

Chemical Fertilizers exports amounted to QR10.5 million; a decrease of 82.2 percent compared to QR58.1 million in Q4/2023.

The Chamber’s newsletter explained that these ten commodities exported by the private sector represent 88 percent of the total value of private export exports, according to the certificates of origin issued by the Qatar Chamber during Q1/ 2024, which amounted to QR2,24 billion, registering a 7.6 quarter-on-quarter growth compared to Q4/2023.

Destinations as per economic blocs

As for economic blocs and groupings, the Asian countries (excluding GCC and Arab countries) were at the top of economic blocs that received exports of private sector during Q1/2024 which amounted to QR1.06 billion with a share of 41.90 percent of the total exports, followed by the European Union which received exports amounted to QR748.60 million or a share of 29.5 percent of the total value.

In third place came the group of GCC states, with exports totalling QR571.5 million representing 22.5 percent of the total value, followed by Arab countries excluding Arab countries excluding GCC states that received QR112.8 million, a share of 4.4 percent and the African countries with exports amounted to QR14.1 million, or a share of 0.56 percent of the total exports.

The USA came in the sixth place, which received 0.39 percent of the total exports, with a value of QR9.9 million, followed by other American countries which received exports estimated at QR6.28 million or a share of 0.25 percent, and Other European Countries with a value of QR0.18 percent of QR4.68 million.

Then came the grouping of Oceania countries, with exports amounting to QR4.49 million, equivalent to 0.177 percent of the total exports.

The number of countries receiving Qatari exports in Q1/2024 was 101 countries in the above economic groupings. The African grouping came to the forefront with 24 countries. Asia came then with 22 countries, followed by the European Union with 20 countries, Arab countries excluding GCC states with 14 countries, other American countries with 9 countries, the GCC with 5 countries, other European countries with 5 countries, the United States of America and one country (Australia) in the Oceania grouping.

Private sector trade partners

In Q1/2024, Netherlands was at the top of the countries of destination of private sector exports with close to QR408.6 million, a share of 16.1 percent of the total exports.

It is followed by India with almost QR350 million and a share of 13.8 percent and Oman with about QR246 million, a share of 9.7 percent.

Turkey came in fourth place with almost QR219 million, a share of 8.7 percent and China with exports amounted to about QR202 million, a share of 8 percent.

Germany came in the sixth place which received exports amounting to QR172 million, a share of 6.8 percent, followed by UAE with almost QR113 million, a share of 4.5 percent, Spain with QR103 million, a share of 4.1 percent, KSA with almost QR90.1 million or 3.6 percent and Kuwait with exports amounting to QR76.6 million or a share of 3 percent of the total value.

Together, these ten countries accounted for 78.2 percent and a value of QR1.98 billion of private sector exports according to the certificate of origin in Q1/2024, totaling around QR2.53 billion.