ECONOMY

Qatar's trade surplus at $4.78bln in May 2024

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Asia accounts for 60% of exports: NPC

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Qatar's foreign trade surplus amounted to QR17.4bn in May 2024 with as much as 60% of exports going to the Asian region, according to the official data.

However, the country's trade surplus declined 1% and 20.8% month-on-month and year-on-year respectively in the review period, according to the data released by the National Planning Council (NPC).

Total exports (valued free on board) were QR27.48n, while the total imports (cost, insurance and freight) amounted to QR10.05bn at the end of May 2024.

The country’s exports of petroleum gases and other gaseous hydrocarbons were valued at QR15.79bn, crude at QR4.94bn, non-crude at QR2.33bn and other commodities at QR3.29bn in May this year.

Petroleum gases accounted for 59.9% of the total exports in May 2024 compared to 62.19% a year-ago period, crude 18.74% (16.88%), non-crude 8.83% (8.74%) and others 12.48% (12.22%).

The share of petroleum gases in the country's total export basket has been consistently declining on an annualised basis, while those of crude and non-crude were on the increase.

The country's total exports shrank 3.6% on a monthly basis with those of petroleum gases and other gaseous hydrocarbons declining 4.9%, crude by 1.3% and non-crude by 5.5%, while those of other commodities grew 6.8% in the review period.

On a yearly basis, the country's overall exports declined 10.5% with those of petroleum gases plummeting 15%, crude by 1.8%, non-crude by 10.6% and other commodities by 9.8% in May 2024.

Qatar's shipments to China were valued at QR5.18bn or 18.9% of the total exports of the country in May this year, followed by South Korea QR4.24bn (15.4%), India QR2.98bn (10.8%), Singapore QR2.15bn (7.8%) and Japan QR1.95bn (7.1%).

On a monthly basis, the country's exports to India tanked 31.88%, Japan by 11.46% and China by 9.9%; while those to South Korea enhanced by 5.92% and Singapore by 0.37% in the review period.

On a yearly basis, Qatar's exports to India were seen declining 15.14%, China by 7.84%, Japan by 4.84% and Singapore by 0.14%; whereas those to South Korea shot up 16.94% in May 2024.

In the case of imports, Qatar witnessed an overall 7.8% contraction on a monthly basis; even as it surged 15.6% year-on-year this May.

The country's imports from the US were valued at QR1.48bn or 14.8% of the total imports, China QR1.32bn (13.2%), Japan QR0.62bn (6.2%), India QR0.62bn (6.2%) and the UK QR0.59bn (5.9%) in the review period.

On a monthly basis, the country's imports from China dipped 11.57%, India by 6.05% and the US by 0.8%; while those from Japan zoomed 45.22% and the UK by 2.7% in May 2024.

On a yearly basis, Qatar's imports from the UK zoomed 160.09%, Japan by 51.21%, India by 17.61%, China by 17.41% and the US by 16.14% in the review period.

In May 2024, the ‘Motor Cars and Other Motor Vehicles for The Transport of Persons’ group was at the top of the imported group of commodities, with QR0.7bn, showing an annual increase of 65.3%.

In second place was “Electrical Apparatus for Line Telephony/Telegraphy, Telephone Sets Etc.; Parts Thereof” with QR0.35bn, showing an increase of 51.1% on a yearly basis.

In third place was “Parts of Aeroplanes or Helicopters” with QR0.29bn, enhancing by 43.4% on an annualised basis.
© Gulf Times Newspaper 2022 Provided by SyndiGate Media Inc. (Syndigate.info).
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