Japan, S Korea, India, China and Singapore major export markets for Qatar

Japan accounted for QR9.28bn of Qatari exports while South Korea received QR7.28bn worth Qatari produce as of last month. 

By Pratap John/Chief Business Reporter

  Japan, South Korea, India, China and Singapore are the major export markets for Qatar with exports to these five Asian countries totalling QR27.9bn as of May, new data show.

Japan accounted for QR9.28bn of Qatari exports while South Korea received QR7.28bn worth Qatari produce as of last month, according to the Ministry of Development Planning & Statistics (MDP&S).

Qatari exports to India accounted for QR5.67bn, China QR3.04bn and Singapore QR2.64bn.

All these countries import significant volumes of Qatar’s hydrocarbon products.

The top five import markets for Qatar are China (QR0.91bn), US (QR0.87bn), UAE (QR0.77bn), Germany (0.65bn) and UK (QR0.43bn).

Qatar’s three major export commodities are petroleum gases and other gaseous hydrocarbons, petroleum oil and oil obtained from bituminous minerals (crude as well as non-crude).

Major import commodities include motor cars and other motor vehicles, iron ores and concentrates and aircraft spare parts.

A recent Qatar Consumer Confidence Index (CCI) released by the Ministry of Development Planning & Statistics showed Qatar’s economic development that supports private sector in development projects, consequent job opportunities and better income and allowances, led the country reporting higher consumer confidence in the first quarter of this year.

The report showed that 46.7% of households felt that their financial situation improved over the past 12 months compared to 47.4% in December 2013 survey results.

Also 45.7% of households felt their financial situation was the same as 12 months before compared to 37.8% in December 2013.

Qatar is expected to have “solid” economic growth in 2014 and 2015, driven by the non-hydrocarbon sector owing to accelerated investment spending and population growth, the Ministry of Development Planning and Statistics (MDP&S) said in another report.

The country’s real GDP (adjusted for inflation) is slated to grow 6.3% this year from 6.5% in 2013, and 7.8% in 2015, said the Qatar Economic Outlook (QEO) 2014-15, which was released yesterday by MDP&S.

The outlook for 2014–2015 is generally favourable, but subject to low-probability, high-impact downside risks, according to QEO.