Qatar records QR21.27bn trade surplus in March 2023; exports to China and South Korea on the rise: PSA

Qatar’s shipments to China and South Korea were on the rise and so were its imports from Italy and Germany on an annualised basis, as the country’s trade surplus amounted to QR21.27bn in March 202, according to the official estimates.
However, the country’s trade surplus was on a declining path year-on-year with exports declining much faster than imports, according to the figures released by the Planning and Statistics Authority (PSA).
Asia/South East Asia accounted for the majority of Qatar's exports in March 2023; even as imports came from variegated sources.
Qatar's trade surplus decreased 19.6% and 7.2% year-on-year and month-on-month respectively in March 2023.
The country's total exports (valued free on board) amounted to QR30.85bn, while the total imports (cost, insurance, and freight) were QR9.58bn in the review period.
The country's total exports of goods (including exports of goods of domestic origin and re-exports) showed 15.5% and 0.6% contraction year-on-year and month-on-month respectively in the review period.
In March this year, Qatar's shipments to China amounted to QR6.4bn or 20.7% of the total exports of the country, followed by South Korea QR4.87bn (15.8%), India QR3.58bn (11.6%), Japan QR2.5bn (8.1%) and Singapore QR2.3bn (7.4%).
On a yearly basis, Qatar's exports to Japan plummeted 39.52%, India by 36.31% and Singapore by 13.35%; whereas those to China and South Korea shot up 20.64% and 5.52% respectively in March 2023.
On a monthly basis, Qatar's exports to Japan declined 25.74%, India by 9.92% and South Korea by 3.41%; while those to China and Singapore were up 5.86% and 1.68% respectively in the review period.
The exports of petroleum gases and other gaseous hydrocarbons declined 5.4% on an annualised basis to QR19.03bn, crude by 26.5% to QR4.88bn, non-crude by 32.4% to QR2.55bn and other commodities by 30.6% to QR3.42bn in March 2023.
On a monthly basis, the exports of petroleum gases declined 3.1%; whereas those of other non-specified commodities expanded 4.9%, non-crude by 4% and crude by 1.6% this March.
Petroleum gases constituted 63.71% of the exports of total domestic products in March 2023 compared to 56.76% a year ago; followed by crude 16.34% (18.73%), non-crude 8.54% (10.61%) and other commodities 11.45% (13.88%).
Qatar's total imports were seen declining 4.6% year-on-year but expanded 18.1% month-on-month in March 2023.
The country's imports from the US stood at QR1.85bn or 19.3% of the total imports; followed by China QR1.16bn (12.1%), India QR0.6bn (6.3%), Italy QR0.57bn (6%) and Germany QR0.53bn (5.6%), at the end of March 2023.
On a yearly basis, Qatar's imports from India and China plummeted 15.69% and 13.83%; while those from Italy, the US and Germany zoomed 15.73%, 5.73% and 3.5% respectively in the review period.
On a monthly basis, the country's imports from the US surged 74.22%, Italy by 31.05%, India by 7.69% and Germany by 3.09%; while those from China shrank 8.31% in March 2023.
In March 2023, the group of "Turbojets, Turbo propellers and Other Gas Turbines; Parts Thereof" was at the top of the imported group of commodities, with QR0.8bn, showing an annual increase of 31.5%.
In second place was "Motor Cars & Other Motor Vehicles for The Transport of Persons” with QR0.4bn, an increase of 0.7% year-on-year in the review period.
In third place was “Articles of Jewellery and Parts Thereof, of Precious Metal or of Metal Clad” with QR0.3bn, showing an annual increase of 4.5%.