Tribune News Network
Doha
In Q3 2024, Qatar recorded a merchandise trade balance surplus (difference between total exports and imports) of QR 57.7 billion down from QR 60.9 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 QR 87.8 billion.
This decreased by QR 2.0 billion (2.2 percent) compared to Q3 2023, which amounted to total exports of QR 89.8 billion. However, it increased by nearly QR 2.8 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 QR 5.0 billion (6.5 percent), and Miscellaneous Manufactured Articles by QR 0.1 billion (22.0 percent).
On the other hand, increases were recorded mainly in Chemicals and Related Products n.e.s. by QR 1.5 billion (24.5 percent), Machinery and Transport Equipment by QR 1.2 billion (53.3 percent), Manufactured Goods Classified Chiefly by Material by QR 0.4 billion (17.1 percent), and Crude Materials, Inedible, Except Fuels. by QR 0.1 billion (24.8 percent).
The value of Qatar’s imports in Q3 2024 was QR 30.1 billion; increased by QR 1.2 billion (4.1 percent) compared to Q3 2023 imports of QR 28.9 billion and decreased by nearly QR 0.3 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 QR 0.8 billion (6.7 percent), Chemicals and Related Products n.e.s. by 0.4 billion (17.2 percent), Mineral Fuels, Lubricants and Related Materials by 0.32 billion (58.2 percent), Food and Live Animals QR 0.30 billion (9.8 percent).
On the other hand, decreases were recorded mainly in Miscellaneous Manufactured Articles by QR 0.4 billion (6.7 percent) and Manufactured Goods Classified Chiefly by Material by QR 0.3 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.
