- Qatar’s total exports in September 2024 reached around QAR 27.6 billion, down by 5.7% compared to September 2023 and 7.9% compared to August 2024.
- Imports in September 2024 totaled roughly QAR 9.9 billion, marking a 4.9% increase from September 2023 but a 2.8% drop from August 2024.
- The foreign trade balance surplus was QAR 17.7 billion, which is a decline of 10.7% from September 2023 and 10.5% from August 2024.
- Exports of petroleum gases and other gaseous hydrocarbons slightly decreased by 0.1%, while crude petroleum oils fell significantly by 31.3%.
- China remained the primary export destination, accounting for 20.3% of total exports, followed by South Korea and India at 10.8% and 10.4%, respectively.
The National Planning Council (NPC) recently published the preliminary data on Qatar’s trade figures for September 2024, providing insight into the country’s exports, re-exports, and imports.
The data reveals a mixed performance, with noticeable changes in trade volumes compared to both the previous month and the same period last year.
Decline in Total Exports
In September 2024, Qatar’s total exports, which include domestic goods and re-exports, amounted to approximately QAR 27.6 billion. This figure marks a 5.7 percent decrease from September 2023 and a further 7.9 percent drop from August 2024.
The primary factor driving this annual decrease is a decline in the exports of key energy products, notably petroleum gases and other gaseous hydrocarbons, which reached around QAR 16.7 billion—a slight reduction of 0.1 percent from the previous year. Crude oil exports saw a more significant decrease, totaling QAR 3.7 billion and reflecting a sharp 31.3 percent reduction compared to September 2023.
Increase in Imports
On the import side, Qatar’s expenditure reached roughly QAR 9.9 billion in September 2024. This figure represents a 4.9 percent increase compared to September 2023, although it did decrease by 2.8 percent from August 2024.
The increase in imports reflects Qatar’s continued demand for certain high-value items, with the “Parts of Balloons, Aircraft, and Spacecraft” category being one of the largest imported groups at approximately QAR 0.4 billion, despite seeing a slight year-on-year decrease of 10.6 percent.
Trade Balance Overview
The NPC’s report highlights a trade balance surplus of around QAR 17.7 billion in September 2024. While this figure indicates Qatar’s overall trade remains positive, the surplus has narrowed by about QAR 2.13 billion or 10.7 percent compared to September 2023.
On a month-on-month basis, the trade surplus also decreased by approximately QAR 2.08 billion, or 10.5 percent, from August 2024. This shift reflects a combination of lower exports and a moderate rise in imports, impacting the overall trade balance.
Key Export Destinations
China remains Qatar’s primary export destination, receiving goods worth close to QAR 5.6 billion in September 2024, which accounts for 20.3 percent of Qatar’s total exports.
Following China, South Korea and India ranked as the second and third largest export markets, with QAR 3 billion (10.8 percent share) and QAR 2.9 billion (10.4 percent share), respectively. These strong trading relationships underscore the importance of Asia as a primary market for Qatari exports, particularly in the energy sector.
Altogether, the September 2024 trade report from the NPC underscores both the challenges and resilience in Qatar’s trade activities. While exports have shown a downward trend, the stable demand from key partners like China, South Korea, and India helps to sustain Qatar’s trade balance.
Additionally, the increase in imports signals ongoing domestic demand, albeit influenced by specific categories like aerospace-related products. This trade data offers valuable insights into Qatar’s economic dynamics and its positioning within the global market as it navigates fluctuations in energy exports and import demands.
