Qatar records QR19bn trade surplus in October; Asia accounts for 64% of exports

Qatar registered a trade surplus of QR19.03bn this October with Asia accounting for about 64% of the country's exports, according to the official estimates.
The country's total exports (valued free on board) amounted to QR29.09bn, while the total imports (cost, insurance and freight) was QR10.06bn in the review period, said the figures released by the Planning and Statistics Authority.
However, the trade surplus shrank 24.2% and 4.2% year-on-year and month-on-month respectively in October 2023.
The share of petroleum gases in the country's total export basket was seen declining substantially on an annualised basis, while those of crude and non-crude increased robustly in the review period.
Qatar’s exports to Singapore and China were on the rise year-on-year this October.
The country's total exports of domestic goods amounted to QR28.13bn, which however declined 24% and 0.6% year-on-year and month-on-month respectively in the review period.
In October 2023, Qatar's shipments to China amounted to QR6.11bn or 21% of the total exports of the country, followed by India QR3.52bn (12.1%), South Korea QR2.51bn (8.6%), Japan QR2.19bn (7.5%), and Singapore QR2.08bn (7.2%).
On a yearly basis, the country's exports to South Korea plummeted 45.55%, India by 23.9% and Japan by 5.19%; while those to Singapore and China grew 20.23% and 8.53% respectively in the review period.
On a monthly basis, Qatar's exports to South Korea plunged 27.03% and Singapore by 22.39%; whereas those to China shot up 22.44%, Japan by 12.31% and India by 2.92% in October 2023.
The country’s exports of petroleum gases and other gaseous hydrocarbons were valued at QR16.38bn, which fell 35.7% on an annualised basis in October 2023, and other commodities QR2.96bn, which shrank 24.9%.
However, the exports of crude and non-crude rose 18.1% and 8.7% to QR6.36bn and QR2.43bn respectively in October 2023.
On a monthly basis, the exports of non-crude were seen declining 22.9%, other commodities by 2.8% and petroleum gases by 2%; while those of crude shot up 18.5% in the review period.
Petroleum gases accounted for 58.23% of the country’s export basket in October 2023 against 68.77% the previous year period, crude 22.61% (14.56%), non-crude 8.64% (6.05%) and other groups of commodities 10.52% (10.64%).
Qatar's total imports showed a 22.1% decrease year-on-year; even as it zoomed 6.9% on a monthly basis in October 2023.
The country's imports from China amounted to QR1.74bn or 17.3% of the total imports; followed by the US QR1.42bn (14.1%), India by QR0.66bn (6.6%), Italy QR0.58bn (5.7%) and Germany QR0.39bn (3.9%) in the review period.
On a yearly basis, the country's imports from Germany declined 45.67%, the US by 35.45% and China by 16.75%; whereas those from Italy and India grew 7.65% and 5.56% respectively in October 2023.
On a monthly basis, Qatar's imports from China soared 30.83% and India by 27.94%; while those from the US tanked 31.07%, Germany by 22.04% and Italy by 13.49% in the review period.
In October 2023, the group of "Turbojets, Turbo propellers and Other Gas Turbines; Parts Thereof" was at the top of the imported group of commodities and valued at QR0.6bn, showing an annual increase of 19.2%.
In second place was "Motor Cars & Other Motor Vehicles for The Transport of Persons”, with QR0.5bn, which was up 2.4% year-on-year in October 2023.
The "Electrical Apparatus for Line Telephony/Telegraphy, Telephone Sets Etc. and parts thereof" group saw imports of QR0.4bn, which however fell 15.7% on an annualised basis in October 2023.