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Qatar’s trade surplus for Q3 recorded at QR91.8b, down 7pc in 2014

Qatar’s trade surplus for Q3 recorded at QR91.8b, down 7pc in 2014

DOHA: Qatar’s trade surplus for third quarter (Q3), 2014 stood at QR91.8bn ($25.2bn), down by nearly 7 percent compared to QR98.7bn ($27.10bn) in Q3, 2013, according to a Quarterly Bulletin on foreign merchandise issued by the Ministry of Development Planning and Statistics.

Data suggest that the value of Qatar’s total exports (including re-exports) of goods in Q3, 2014, amounted to QR119.1bn ($32.71bn), down QR4.9bn, or 3.9 percent, compared to QR123.9bn ($34.02bn) worth of goods exported in the corresponding quarter in 2013.

The year-on-year decline in total exports of goods during Q3, 2014 was attributed to lower exports of mineral fuels, lubricants and related materials (QR6.7bn). However, there was an increase in the exports of chemical and related products (QR1.3bn) and manufactured goods (QR400m). The value of total imports of goods in Q3, 2014 increased to QR27.2bn ($7.5bn) up 7.8 percent (QR2bn) compared to QR25.3bn ($6.95bn) worth of goods imported during Q3, 2013.

The year-on-year increase in the value of imports in Q3, 2014 was mainly due to sharp rise in the import of manufactured goods (QR900m), which jumped up by 34.8 percent (y-o-y), followed by food and livestock (QR500bn) which increased by 22.6 percent compared to Q3, 2013.

The import of machinery and transport equipment (QR600m) witnessed a moderate increase of 5.2 percent in the third quarter of 2014 compared to the same quarter previous year. However, there was a significant decrease (y-o-y) in the imports of crude materials, inedible, except fuels by 24.4 percent (QR400m), and also the import of commodities and transactions declined by 38.4 percent (QR200m) during the third quarter of 2014.

During the quarter, Asia was the principal destination of Qatar’s exports and the first origin of Qatar’s imports, representing 77.7 percent and 33.6 percent, respectively, followed by the European Union, accounting for 9 percent and 28.8 percent, respectively, and the Gulf Cooperation Council, with 7.9 percent and 16.0 percent, respectively. The year-on-year decline in total exports in Q3, 204 was mainly driven by a decrease in mineral fuels, lubricants and related materials of QR6.7bn (6.2 percent).

On the other hand, increases were recorded in chemicals and related products by QR1.3bn (13.2 percent) and manufactured goods classified chiefly by material by QR400m (10.4 percent).

Within chemicals and related products increases were mainly recorded in organic chemicals by QR600m (23.7 percent), inorganic chemicals, QR500m (91.2 percent), plastics in primary forms, QR100m (3 percent).

Among manufactured goods classified chiefly by material increases were recorded in iron and steel by QR200m (18.4 percent), and non-ferrous metals, QR200m (9.8 percent), while a decrease was registered in other manufactured goods classified chiefly by material (14.9 percent).

In Q3 2014, other year-on-year increases were recorded in crude materials, inedible, except fuels by QR300m (61.8 percent) and machinery and transport equipment (mainly re-exports) by QR200m (11.7 percent), while other decreases were registered in miscellaneous manufactured articles by QR200m (48.6 percent).

The export of Mineral fuels, lubricants and related materials in the third quarter of 2014 accounted for 85 percent of total exports, while non-mineral fuels represented the remaining 15 percent, of which Chemicals and related products accounted for 9 percent of total exports, manufactured goods classified chiefly by material, 4 percent, and the remaining 2 percent corresponded to other goods.