DOHA: In Q3 2024, Qatar recorded a merchandise trade balance surplus (difference between total exports and imports) of QR57.7 billion down from QR60.9 billion in Q3 2023.
According to figures released by the Planning and Statistics Authority on Wednesday, the value of Qatar's total exports in Q3 2024 (including exports of domestic goods and re-exports) amounted to QR87.8 billion. This decreased by QR2.0 billion (2.2 percent) compared to Q3 2023, which amounted to total exports of QR89.8 billion. However, it increased by nearly QR2.8 billion, or 3.3 percent, compared to Q2 2024.
The Q3 2024 year-on-year (Y-o-Y) decrease in total exports was mainly due to lower exports of Mineral fuels, lubricants, and related materials by QR5.0 billion (6.5 percent), and Miscellaneous Manufactured Articles by QR0.1 billion (22.0 percent).
On the other hand, increases were recorded mainly in Chemicals and Related Products n.e.s. by QR1.5 billion (24.5 percent), Machinery and Transport Equipment by QR1.2 billion (53.3 percent), Manufactured Goods Classified Chiefly by Material by QR0.4 billion (17.1 percent), and Crude Materials, Inedible, Except Fuels. by QR0.1 billion (24.8 percent).
The value of Qatar's imports in Q3 2024 was QR30.1 billion; increased by QR1.2 billion (4.1 percent) compared to Q3 2023 imports of QR28.9 billion and decreased by nearly QR0.3 billion or 1.1 percent compared to Q2 2024.
The Q3 2024 (Y-o-Y) increase in import values is mainly due to increases in Machinery and Transport Equipment QR0.8 billion (6.7 percent), Chemicals and Related Products n.e.s. by QR0.4 billion (17.2 percent), Mineral Fuels, Lubricants and Related Materials by QR0.32 billion (58.2 percent), Food and Live Animals QR0.30 billion (9.8 percent).
On the other hand, decreases were recorded mainly in Miscellaneous Manufactured Articles by QR0.4 billion (6.7 percent) and Manufactured Goods Classified Chiefly by Material by QR0.3 billion (7.7 percent).
During Q3 2024, Asia was the principal destination of Qatar's exports and the first origin of Qatar's imports, representing 75.9 percent and 39.7 percent respectively, followed by GCC, accounting for 11.6 percent and 11.3 percent respectively, and the European Union, with 7.7 percent and 26.0 percent respectively.
