- Qatar’s fourth quarter of 2023 saw a trade balance surplus of $14.9 billion, despite a notable 31.5% annual decrease, indicating resilience in trade dynamics amidst economic shifts.
- Total exports decreased by 25.5% compared to the same period in 2022, primarily influenced by reduced trade in mineral fuels and chemicals, yet certain sectors like machinery and transport equipment showed growth.
- Imports experienced a yearly decrease of 10.4%, attributed to declines in various categories, but imports of machinery and mineral fuels increased, reflecting diverse trends in Qatar’s import landscape.
Official data from the Planning and Statistics Authority revealed that Qatar’s trade balance exhibited a surplus of $14.9 billion in the fourth quarter of 2023, marking a 31.5 per cent annual decrease. The report detailed the country’s trade dynamics, encompassing imports, exports, re-exports, and trade balances.
During the final three months of 2023, Qatar recorded a merchandise trade balance surplus of 54.5 billion Qatari riyals ($14.9 billion), a decrease from 79.6 billion riyals in the corresponding quarter of 2022.
Total exports, which included domestic goods and re-exports, amounted to 84.8 billion riyals in the period ending December. This represented a decrease of 28.6 billion riyals or 25.5 per cent compared to the same period in 2022, and a decrease of nearly 4.9 billion riyals or 5.5 per cent from the previous quarter.
The decrease in total exports was primarily attributed to reduced trade in mineral fuels, lubricants, chemicals, crude materials, and manufactured goods classified chiefly by material. However, exports of machinery, transport equipment, and miscellaneous manufactured articles saw increases.
The Planning and Statistics Authority underscored that the decline in exports of mineral fuels, lubricants, and related materials, as well as chemicals and associated products, crude materials, and manufactured goods, chiefly stemmed from various factors.
Despite the overall decrease in exports, Qatar experienced growth in certain export categories, such as machinery and transport equipment, as well as miscellaneous manufactured articles. These positive trends in specific export sectors contributed to mitigating the overall decline in total exports observed during the fourth quarter of 2023.
In the final three months of 2023, Qatar recorded imports totalling 30.4 billion riyals, indicating a yearly decrease of 3.5 billion riyals or 10.4 per cent. However, this figure represented a quarterly increase of nearly 1.4 billion riyals or 5 per cent compared to the previous quarter.
The decline in import values was primarily attributed to decreases in miscellaneous manufactured articles, fabricated goods classified chiefly by material, chemicals and related products, and food and live animals. On the contrary, imports of machinery and transport equipment, mineral fuels, lubricants, and related materials, as well as crude matter and inedible except fuels, witnessed an uptick.
Throughout the quarter, Asia retained its position as the primary destination for Qatar’s exports and the leading origin for its imports. Following closely behind were the EU and the Gulf Corporation Council.
The quarterly report serves as a valuable resource, offering insights into Qatar’s foreign merchandise trade by commodity and partner country. It provides a comprehensive overview of the nation’s trade performance, facilitating informed decision-making and strategic planning.
