Qatar’s trade surplus jumped 89% year-on-year (YoY) in August 2022 on the back of higher gas exports.
The liquefied natural gas (LNG) producer has expanded exports to meet higher demand from Europe, which is looking to shift away from its traditional supplier, Russia.
Qatar's total exports of goods amounted to around QAR46.8 billion ($13 billion), up 72% compared to August 2021, and an increase of 5.5% compared to July 2022, according to data released on Tuesday by the government's Planning and Statistics Authority.
The increase in total exports was mainly due to higher exports of gas. Qatar's export of petroleum gases and other gaseous hydrocarbons doubled to QAR33.5 billion YoY in August 2022. Export of crude rose nearly 30% to QAR5.2 billion, while non-crude petroleum oils rose over 15% to QAR2.9 billion.
Meanwhile, imports in August 2022 amounted to around QAR10.6 billion, up nearly 31% YoY, and 10% higher compared to the previous month.
Qatar, which is one of the biggest exporters of LNG alongside the US and Australia, is seeking to increase its production in response to higher global demand. Russia has choked off supplies to Europe in retaliation for international sanctions over its invasion of Ukraine.
(Writing by Brinda Darasha; editing by Cleofe Maceda)