Qatar's Trade Surplus Drops 5.3 Percent in July

Published August 28th, 2019 - 11:45 GMT
The year-on-year export and import figures also show decline in July 2019.
The year-on-year export and import figures also show decline in July 2019. (Shutterstock)
Highlights
The July exports jumped 1.5 percent and the imports rose 13.3 percent from those in June 2019.
Qatar’s exports stood at QR22.3 billion and imports at QR9.1 billion in July, leaving a trade surplus of QR13.2 billion, according to a Planning and Statistics Authority (PSA) report released on Tuesday.

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However, the trade surplus recorded in July is 21.8 percent or QR3.7 billion lower than that in the same month last year. Also, it is 5.3 percent or QR700 million lower than the June 2019 surplus, PSA figures show.

The year-on-year export and import figures also show decline in July 2019. While exports plummeted 16 percent, imports decreased 6 percent.

On the other hand, these figures show a spike when compared month-on-month. The July exports jumped 1.5 percent and the imports rose 13.3 percent from those in June 2019.

PSA largely attributed the year-on-year decline in exports to reduced shipping of petroleum gases and other gaseous hydrocarbons such as LNG, condensates, propane and butane. Their exports stood at QR13.4 billion in July 2019, showing a decrease of 17 percent from July 2018.

Similarly, exports of petroleum oils and oils from bituminous minerals (crude) and the same from bituminous minerals other than crude also showed decline — 14.5 percent and 18.4 percent respectively.

In July, Japan emerged the top export destination of Qatar. The country’s shipments to Japan stood at QR4.4 billion and constitute 19.6 percent of the total. Other key destinations included China with QR3.3 billion and or 14.8 percent, and India with QR3 billion or 13.2 percent.

In terms of imports, the US was Qatar’s biggest source country in July, accounting for QR1.5 billion or 16 percent of the total. It is followed by China with QR1.3 billion or 13.9 percent and the UK with QR800 million or 8.4 percent.

Top imported products to Qatar in July included turbojets, turbo propellers and other gas turbines (QR900 million) and parts of aircraft, spacecraft and hot air balloons (QR300 million).

By Rahul Preeth


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