In a testament to its robust economic momentum, Qatar’s private sector exports surged by 6% in the first quarter of 2024, reaching a notable 2.53 billion Qatari riyals ($684.9 million). This positive trend, reported by Qatar’s Chamber of Commerce and Industry, underscores the nation’s expanding global trade footprint.
The growth in exports extends beyond regional boundaries, with significant increases observed in trade with countries outside the Gulf Cooperation Council (GCC) and the broader Arab region. Exports to these markets rose by 12%, jumping from 1.79 billion riyals to 2 billion riyals. Within the GCC, exports also saw a healthy 10% increase, totaling 438 million riyals. However, exports to the Arab region experienced a decline of 54%, amounting to 92.9 million riyals.
Breaking down the data by commodity, several key sectors drove this export growth. Fuel product exports increased by 8.6%, reaching approximately 528 million riyals. Iron and its products experienced a remarkable surge of 89.4%, totaling 275 million riyals. Industrial gas exports also performed strongly, rising by 25.2% to about 250 million riyals.
An extraordinary highlight was the surge in low-density polyethylene exports, which skyrocketed by an astonishing 7811%, climbing from just 1.66 million riyals to 131 million riyals. On the other hand, some commodities saw declines, such as aluminum and its products, which fell by 10.5% to 438 million riyals, and chemical exports, which dropped by 26.7% to approximately 93 million riyals.
The top 10 export commodities collectively accounted for 88% of the total private sector exports, amounting to 2.24 billion riyals—a 7.6% increase compared to the last quarter of 2023.
Geographically, Asian countries (excluding GCC and Arab nations) emerged as the top destination for Qatari private sector exports, receiving about 1.06 billion riyals, which is 41.9% of the total. The European Union followed with 29.5% or 748.6 million riyals, and the GCC countries accounted for 22.5% or 571.5 million riyals.
Overall, 101 countries imported Qatari private sector products in the first quarter of 2024, with African nations leading in diversity, covering 24 countries. Asia followed closely with 22 countries, and the European Union encompassed 20 states.
The Netherlands was Qatar's top trading partner, importing goods worth 408.6 million riyals, representing 16.1% of the total exports. India, Oman, Turkey, and China were also significant trading partners. Notably, Germany, the UAE, Spain, Saudi Arabia, and Kuwait were among the top 10 destinations, collectively accounting for 78.2% of the total private sector exports, valued at approximately 1.98 billion riyals out of the total 2.53 billion riyals.
This dynamic growth in Qatar’s private sector exports highlights the country's strategic role in global trade and its successful efforts to diversify and expand its economic partnerships.
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