Qatar's trade balance surplus amounts to QR6.9 billion in August

September 29, 2020

Doha: Qatar’s monthly foreign merchandise trade balance (surplus) witnessed an increase of 10.7 percent in August 2020 compared to previous month, showing a surplus of QR6.9bn, latest official data show. The trade balance represents the difference between total exports and imports for a particular period of time.

“This signification rebounding in trade surplus in August was achieved partially as a result of steady efforts in export promotion and import substitution, and also due to the gradual easing of Coronavirus related restrictions,” said a Doha-based Economic Analyst working for a government organisation requesting not to mention his name.

He added: 'It is also important to note that Qatar, despite the COVID-19 lockdown and other measures, maintained a balanced approach to ensure that manufacturing of goods and other economic activities remain least affected due to the restrictions.”

When compared on annual basis, the monthly trade surplus is still down by QR5.2bn or 42.9 percent, compared to the corresponding month last year (August 2019) , preliminary figures released by the Planning and Statistics Authority show.

In August 2020, the total exports of goods (including exports of goods of domestic origin and re-exports) amounted to around QR14bn, showing a decrease of 33.8 percent compared to August 2019, and increase of 3.3 percent compared to July 2020. On other hand, the imports of goods in August 2020 amounted to around QR7.1bn, showing a decrease of 21.6 percent over August 2019.

However, on a month on month (m-o-m) basis the imports decrease by 3.0 percent compared to July 2020. The year-on-year (August 2020 to August 2019) decrease in total exports was mainly due to lower exports of Petroleum gases and other gaseous hydrocarbons (LNG, condensates, propane, butane, etc.) reaching QR7.7bn approximately in August 2020, i.e. a decrease of 41.6 percent, Petroleum oils & oils from bituminous minerals (crude) reaching QR2.4bn nearly, decreased by 29.5 percent, and decrease in the Petroleum oils & oils from bituminous minerals (not crude) reaching QR1.3bn, decreased by 7.2 percent.

In August 2020, China was at the top of the countries of destination of Qatar’s exports with close to QR2.6bn, a share of 18.2 percent of total exports, followed by Japan with almost QR 2.2bn and a share of 15.8 percent, India with about QR1.9bn, a share of 13.7 percent.

During August 2020, the group of “Parts of Aero planes or Helicopters” was at the top of the imported group of commodities, with QR0.3bn, showing an decrease of 33.8 percent compared to August 2019. In second place was “Electrical Apparatus for Line Telephony/Telegraphy, Telephone Sets,; Parts Thereof “ with QR0.2bn, showing an increase of 21.8 percent and in third place was “Motor cars & other motor vehicles for the transport of persons” with QR0.2bn, decrease of 42.6 percent.

In August 2020, United State of America was the leading country of origin of Qatar’s imports with about QR 1.6bn, a share of 22.5 percent of the imports, followed by China with QR0.9bn almost, a share of 13.2 percent, and India with QR 0.4bn, a share of 5.7 percent.

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