World Economy

Qatar Foreign Trade Surplus Shrinks by 54%

Qatar Foreign Trade Surplus Shrinks by 54%Qatar Foreign Trade Surplus Shrinks by 54%

Qatar’s foreign trade surplus shrank 53.7 percent from a year earlier to 16.47 billion riyals ($4.52 billion) in March because of low oil and natural gas prices, preliminary data from the Ministry of Development Planning and Statistics showed on Sunday, Arabian Business reported.

Exports of petroleum gases and other gaseous hydrocarbons fell 43.5 percent in March to 17.43 billion riyals ($4.79 billion).

The total exports of goods (including exports of goods of domestic origin and re-exports) amounted to QR 26.6 billion, showing a decrease of 40.7 percent compared to March 2014.

However, the total exports of goods decreased by 3.3 percent compared to February 2015.

The imports of goods in March 2015 amounted to QR 10.1 billion ($2.7b), showing an increase of 9.9% over March 2014.

In December, Qatar predicted its economy would grow 7.7 percent this year, signaling the world’s top exporter of liquefied natural gas expects very little disruption to its finances from the oil price plunge.

The forecast by the ministry of development planning and statistics, was down only marginally from the 7.8 percent estimate for 2015 which the ministry delivered in June last year.

Growth of 7.7 percent in 2015 would be Qatar’s fastest expansion since 2011 and an acceleration from 6.3 percent estimated for this year.