Qatar Trade Surplus Jumps by 39 Percent

Despite the ongoing unjust siege against Qatar, the country’s international trade and trade surplus have registered a remarkable double-digit growth in December 2017, both on yearly basis as well as well as month-on-month. The sharp increase in trade surplus was attributed to higher exports value of petroleum gases and other hydrocarbons products.

In December 2017, the foreign merchandise trade balance, which represents the difference between total exports and imports, showing a surplus of QR14.9 billion ($4.09 billion), an increase of about QR4.2 billion, or 39.1%, compared to the corresponding month of 2016. When compared on monthly basis, the trade surplus has increased by nearly QR 2.1 billion, or 16.1%, compared to November 2017, ThePeninsula reported.

The total value of exports of goods, including exports of goods of domestic origin and re-exports, in December 2017 reached at QR25.9 billion, showing a sharp increase of 34.5%, compared to the same month in 2016.

On monthly basis, Qatar’s exports in December 2017 surged by 19% compared to November 2017, preliminary data released by the Ministry of Development Planning and Statistics showed.  

On the other hand, the imports of goods in December 2017 amounted to about QR11 billion, showing an increase of 28.8% over December 2016. However, on a month-on-month basis the imports increased by 23.1%.

The year-on-year increase in total exports was mainly due to higher exports of petroleum gases and other gaseous hydrocarbons (LNG, condensates, propane, butane, among others) reaching at about QR14.3 billion in December 2017, an increase of 21.2%; petroleum oils and oils from bituminous minerals (crude) reaching QR6.5 billion, an increase of 90.7%; and increase in the petroleum oils & oils from bituminous minerals (not crude) reaching QR1.7 billion, an increase of 80.8%.