Qatar’s trade balance records $14.9bn surplus in Q4 2023
Qatar’s trade balance showed a surplus of $14.9 billion in the fourth quarter of 2023, marking an annual 31.5 percent decrease, according to official data.
The figures released by the Planning and Statistics Authority highlighted the country’s trade dynamics, covering imports, exports, re-exports, and trade balances. In the final three months of 2023, Qatar recorded a merchandise trade balance surplus of 54.5 billion Qatari riyals ($14.9 billion), compared to 79.6 billion riyals in the same quarter of 2022.
Total exports, including domestic goods and re-exports, amounted to 84.8 billion riyals in the three months to the end of December. This reflects a decrease of 28.6 billion riyals or 25.5 percent compared to the same period of 2022 and a decrease of nearly 4.9 billion riyals or 5.5 percent from the previous quarter. According to PSA, the decrease in total exports was mainly attributed to lower trade of mineral fuels, lubricants, and related materials, as well as chemicals and associated products, crude materials, and manufactured goods classified chiefly by material. However, there were increases in exports of machinery and transport equipment, as well as miscellaneous manufactured articles. Qatar imported goods worth 30.4 billion riyals in the final three months of 2023, marking an annual decrease of 3.5 billion riyals or 10.4 percent.
This was however, an increase of nearly 1.4 billion riyals or 5 percent on the previous quarter.
The decrease in import values was primarily due to declines in miscellaneous manufactured articles, fabricated goods classified chiefly by material, chemicals and related products, and food and live animals.
However, imports of machinery and transport equipment, mineral fuels, lubricants, and related materials, as well as crude matter and inedible except fuels, increased.
Asia remained the principal destination for Qatar’s exports and the leading origin for its imports in the final quarter of 2024, followed by the EU and the Gulf Corporation Council.