Qatar's foreign merchandise trade surplus reaches $5bln in February

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Doha, Qatar: The foreign merchandise trade balance, which represents the difference between total exports and imports, showed a surplus of QR 18.1 billion in February 2024, a decrease of about QR 4.8 billion or 21.1 percent compared to February 2023, and an increase by nearly QR 0.6 billion or 3.4 percent compared to January 2024.

The Planning and Statistics Authority has released preliminary figures of the value of exports of domestic goods, re-exports, and imports for February 2024.

In February 2024, the total exports of goods (including exports of goods of domestic origin and re-exports) amounted to around QR 28.2 billion, showing a decrease of 9.2 percent compared to February 2023, and a decrease of 8.8 percent compared to January 2024.

On other hand, the imports of goods in February 2024 amounted to around QR 10.1 billion, showing an increase of 24.6 percent compared to February 2023. and decrease of 24.8 percent compared to January 2024.

The year on year (February 2024 vs. February 2023) decrease in total exports was mainly due to lower exports of Petroleum gases and other gaseous hydrocarbons (LNG, condensates, propane, butane, etc.) reaching QR 17.6 billion (approximately) in February 2024, i.e. decrease of 10.4 percent, Petroleum oils & oils from bituminous minerals (crude) reaching QR 4.5 billion nearly, decrease by 7.0 percent, and decrease in the Petroleum oils & oils from bituminous minerals (not crude) reaching 1.6 billion 33.1 percent.

In February 2024, China was at the top of the countries of destination of Qatars exports with close to QR 7.2 billion, a share of 25.5 percent of total exports, followed by South Korea with almost QR 4.5 billion and a share of 16.1 percent, and India with about QR 3.2 billion, a share of 11.2 percent.

Year on year (February 2024 vs. February 2023), the group Motor Cars & Other Motor Vehicles for The Transport of Persons was at the top of the imported group of commodities, with QR 0.4 billion, showing an increase of 28.4 percent. In second place was "Electrical Apparatus for Line Telephony/Telegraphy, Telephone Sets Etc.; Parts Thereof" with QR 0.35 billion, an increase by 26.7 percent, and in third place "Parts of Aeroplanes or Helicopters" with QR 0.29 billion, showing an increase of 37.4 percent.

In February 2024, China was the leading country of origin of Qatars imports with about QR 1.5 billion, a share of 14.5 percent of the imports, followed by United State of America with QR 1.3 billion almost, a share of 12.9 percent, and United Kingdom with QR 0.8 billion, a share of 8.2 percent.