Qatar's trade surplus soars 65% year-on-year in 2022; Asia principal destination: PSA

Qatar's merchandise trade surplus soared 64.6% year-on-year to QR354.85bn in 2022 with Asia being the principal destination of exports and the first origin of Qatar’s imports, according to the official estimates.
However, trade surplus witnessed a considerable slowdown from 129.5% increase in 2021, but far better than the 41% and 16.8% plunge in 2020 and 2019 respectively, according to the figures released by the Planning and Statistics Authority.
Asia was the principal destination of Qatar’s exports and the first origin of Qatar’s imports, representing 66.2% and 39.5% respectively, followed by the European Union, accounting for 22.7% and 27.1% respectively, and the GCC or Gulf Co-operation Council with 6.8% and 5.4% respectively.
In 2022, the value of Qatar’s total exports (including exports of domestic goods and re-exports) amounted to QR476.7bn, which increased by 50.2% on an annualised basis. Exports had seen a 69.3% expansion in 2021; whereas in 2020 and 2019, they reported 29.4% and 13.5% contraction respectively.
The robust expansion in total exports during 2022 was mainly due to increased shipments of mineral fuels, lubricants, and related materials by QR148.2bn, registering a growth of 55.3%; chemicals and related products by QR7.5bn (25.7%); manufactured goods classified chiefly by material by QR2.4bn (28.9%); crude materials, inedible, except fuels by QR1.2bn (52.8%); miscellaneous manufactured articles by QR0.9bn (85.2%). On other hand, machinery and transport equipment exports fell by QR1bn (11.3%).
Qatar’s imports in 2022 was QR121.9bn; increasing by 19.6% on a yearly basis. Imports witnessed an 8.9% increase in 2021 but reported 11.9% and 7.9% shrinkage in 2020 and 2019 respectively.
The increase in imports during 2022 has been on miscellaneous manufactured articles by QR9bn (50.2%); machinery and transport equipment by QR3.4bn (8.6%); food and live animals by QR3.3bn (31.1%); chemicals and related products by QR1.3bn (12.7%); manufactured goods classified chiefly by material by QR1.3bn (8.2%); mineral fuels, lubricants and related materials by QR1.1bn (102.4%); and crude materials, and inedible, except fuels, by QR0.5bn (11.8%).
The country's trade volume shot up 42.8% year-on-year to QR598.58bn in 2022 with Asia's share at QR363.71bn or 60.76% of the total volume; followed by European Union QR141.31bn (23.61%), the GCC QR39.11bn (6.53%), and the US QR24.37bn (4.07%) in the review period.
In 2022, trade volume with other European countries amounted to QR9.4bn, other American countries (QR5.08bn), Oceania (QR4.5bn), Africa, except Arab countries (QR4.34bn), other Arab countries (QR3.92bn), and other non-specified countries (QR2.85bn).