DOHA: The value of private sector exports in the second quarter (Q2) of 2024 amounted to QR2.62bn, making a 3.5 percent increase on a quarterly basis compared to QR2.53bnin the first quarter of 2024, according to the quarterly report released by Qatar Chamber.
The report also said that as per the type of certificates of origin issued by the Chamber in Q2, exports through the General Model and the Unified GCC Model increased, while exports through the Unified Arab showed a decrease compared to Q1/2024.
Exports through the General Model rose by 2.2 percent (from QR2bn to QR2.04bn ). Similarly, exports through the Unified GCC Model increased by 15.3 percent (from QR438mn to QR505mn). On the other hand, exports through the Unified Arab Model decreased by 24 percent (from QR92.9 to QR70.6mn).
The QC newsletter showed that fuel exports in Q2/2024 amounted to QR435mn, marking a decrease of 17.7 percent compared to QR528mn in Q1/2024. Similarly, aluminum exports reached QR302mn, registering a decline of 31 percent compared to their value in Q1/2024, which amounted to QR438mn.
Essential and industrial oils amounted to QR427.6bn, with a year-on-year increase of 9 percent, while steel exports totalled QR218.18mn, showing a decrease of 20.8 percent compared to QR275.3mn in Q1/2024.
The report noted that industrial gases exports amounted to QR200.3mn in Q2/2024, recording a decline of 20.6 percent. Lotrene exports reached QR44.42mn in Q2/2024, registering a decrease of 66.1 percent compared to QR131.2mn in Q1/2024. Chemical substances exports, which amounted to QR90.1mn in Q2/2024, recorded a decrease of 3.4 percent. Petrochemical exports, which amounted to QR52.9mn in Q2/2024, showed a decrease of 41.7 percent.
As for paraffin exports, this commodity amounted to QR29.5mn, a decrease of 4.9 percent compared to QR28.12mn in Q4/2023, while chemical fertilizers exports amounted to QR339.5mn, recording a sharp increase of 3139 percent compared to QR10.48mn in Q1/2024.
These ten commodities exported by the private sector represent 81.6 percent of the total value of private export exports, according to the certificates of origin issued by the Qatar Chamber during Q2/2024.
As for economic blocs and groupings, the Asian countries (excluding GCC and Arab countries) were at the top of economic blocs that received exports of private sector during Q2/2024 which amounted to QR1.2bn with a share of 45.6 percent of the total exports, followed by GCC countries which received exports amounted to QR625.62mn or a share of 23.9 percent of the total value.
In third place came the group European Union, with exports totalling QR543.43mn representing 20.7 percent of the total value, followed by Arab countries excludingGCC states that received QR145.96mn, a share of 5.6 percent and the Other European countries with exports amounted to QR76.82mn, or a share of 2.9 percent of the total exports.
The group of African countries came in sixth place, which received 0.8 percent of the total exports, with a value of QR21.06mn, followed by the US which received exports estimated at QR6.75mn or a share of 0.3 percent, and Other American countries with a value of QR 0.2 percent of QR5.43mn.
Then came the grouping of Oceania countries, with exports amounting to QR1.53mn, equivalent to 0.06 percent of the total exports.
According to the report, the number of countries receiving Qatari exports in Q2/2024 was 105 countries in the above economic groupings. The African grouping came to the forefront with 27 countries. Asia came then with 23 countries, followed by Other American countries with 14 countries, Arab countries excluding GCC states with 13 countries, the European Union with 12 countries, other European countries with 9 countries, the GCC with 5 countries, the United States of America and one country (Australia) in the Oceania grouping.
In Q2/2024, India was at the top of the countries of destination of private sector exports with close to QR475.5mn, a share of 18.1 percent of the total exports.
It is followed by the Netherlands with almost QR354.5mn and a share of 13.6 percent and UAE with about QR251.55mn, a share of 9.6 percent.China came in fourth place with almost QR241.60mn, a share of 9.2 percent.
Oman came in fifth place which received exports amounting to QR163.4mn, a share of 6.2 percent, followed by KSA with almost QR130.9mn, a share of 5 percent, Germany with QR109.7mn, a share of 4.2 percent, Bangladesh with almost QR103mn or 3.9 percent, Morocco with exports amounting to QR84.7mn or a share of 3.2 percent and Turkey with QR82.2mn or a share of 3.1 percent of the total value.
Together, these ten countries accounted for 76 percent and a value of QR2bn of private sector exports according to the certificate of origin in Q2/2024, totalling around QR 2.6bn.