Qatar Trade Surplus Slumps 35%

Qatar’s foreign trade surplus shrank by 35.7% from a year earlier to QR8.6 billion ($2.36 billion) in August, according to data from the Ministry of Development Planning and Statistics. The surplus slumped from more than QR13.5 billion in the year-earlier period because of low natural gas and oil prices. Exports of petroleum gases and other gaseous hydrocarbons fell 23.9% to QR11.25 billion ($3.1 billion), according to the data, cited by Reuters. Earlier this year, Qatar cut its planned spending on building healthcare facilities by about two-thirds this year following the drop in energy prices. The world’s top liquefied natural gas exporter is one of the richest countries per capita but it faces a QR46.5 billion ($12.8 billion) budget deficit this year because of the continued lower oil and gas prices. Like other Persian Gulf Arab states (Saudi Arabia, Kuwait, the United Arab Emirates, Bahrain, and Oman), it is turning to international markets to bridge the gap but it is also having to reduce and prioritize state spending.