Qatar’s trade balance records $5.52bln surplus in July

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Doha: The National Planning Council released preliminary figures of the value of exports of domestic goods, re-exports, and imports for July 2024.

In July 2024, the total exports of goods (including exports of goods of domestic origin and re-exports) amounted to around QR30.2bn, showing an increase of 3.9 percent compared to July 2023, and an increase of 2.5 percent compared to June 2024.

On other hand, the imports of goods in July 2024 amounted to around QR10.1bn, showing an increase of 6.8 percent compared to July 2023. and increase by 1.8 percent compared to June 2024.

In July 2024, the foreign merchandise trade balance, which represents the difference between total exports and imports, showed a surplus of QR20.1bn almost, i.e., an increase of about QR0.5bn or 2.5 percent compared to July 2023, and an increase by nearly QR0.6bn or 2.9 percent compared to June 2024.

The year on year (July 2024 vs. July 2023) increase in total exports was mainly due to higher exports of Petroleum gases and other gaseous hydrocarbons (LNG, condensates, propane, butane, etc.) reaching QR17.6bn (approximately) in July 2024, i.e. increase of 3.7 percent, Petroleum oils & oils from bituminous minerals (crude) reaching QR4.9bn nearly, decrease by 8.3 percent, and a decrease in the Petroleum oils & oils from bituminous minerals (not crude) reaching 2.6 billion 5.2 percent.

In July 2024, China was at the top of the countries of destination of Qatar’s exports with close to QR5.9bn, a share of 19.6 percent of total exports, followed by South Korea with almost QR3.8bn and a share of 12.6 percent, and India with about QR3.7bn, a share of 12.2 percent.

Year on year (July 2024 vs. July 2023), the group “Turbojets, Turbopropellers & Other Gas Turbines; Parts Thereof” was at the top of the imported group of commodities, with QR0.6bn, showing a decrease of 31.4 percent.

In second place was “Parts of Balloons Etc; Parts of Aircraft; Spacecraft Etc” with QR0.27bn, a decrease by 41.9 percent. and in third place “Medicaments Mixed or not, In Dosage Etc. Form” with QR0.26bn, showing an increase of 34.4 percent.

In July 2024, China was the leading country of origin of Qatar’s imports with about QR1.5bn, a share of 14.8 percent of the imports, followed by United States of America with QR1.4bn almost, a share of 14.3 percent, and Japan with QR0.7bn, a share of 6.5 percent.