Qatar’s trade surplus in Q2 jumps 198% to QR46.4 bn

QNA Doha Qatar’s merchandise trade balance, which is the difference between total exports and imports, jumped by 198.2 percent during the second quarter of...

QNADohaQatar’s merchandise trade balance, which is the difference between total exports and imports, jumped by 198.2 percent during the second quarter of this year, compared to the same quarter of last year.According to the quarterly foreign merchandise trade statistics for the second quarter of 2021 published by the Planning and Statistics Authority (PSA), Qatar recorded a merchandise trade balance surplus of QR46.4 billion, up from QR 15.5 billion in the same quarter last year.Comprising quarterly data on imports, exports, re-exports, and trade balance, the bulletin presents detailed statistics of the foreign merchandise trade of Qatar by commodity and partner country. Quarter-on-quarter (QoQ) percentage changes are also provided.The value of Qatar’s total exports including exports of domestic goods and re-exports amounted to QR71.1 billion in the second quarter of 2021, an increase of QR33.3 billion, or 88.1 percent, compared QR 37.8 billion in the second quarter of 2020. It increased by nearly QR7.2 billion, or 11.2 percent, compared to the first quarter of 2021.The second quarter’s year on year increase in total exports was mainly due to higher exports of mineral fuels, lubricants and related materials by QR29.1 billion (98.7 percent), chemicals and related products by QR3.8 billion (100 percent) and manufactured goods classified chiefly by material by QR0.7 billion (62.1 percent).On the other hand decreases were recorded mainly in crude materials, inedible, except fuels by QR0.04 billion (42.1 percent), and machinery and transport equipment by QR0.4 billion (14 percent).The value of Qatar’s imports in the second quarter of 2021 was QR24.8 billion; an increase of QR2.5 billion (11.2 percent) compared to imports of QR22.3 billion in the second quarter of 2020. It was an increase of QR 0.8 billion, or 3.1 percent, compared to the first quarter of 2021.The second quarter’s year on year increase in total imports was mainly due to increases in manufactured goods classified chiefly by material by QR0.9 billion (26.9 percent), machinery and transport equipment by QR0.6 billion (6.5 percent), chemicals and related products by QR0.4 billion (14.9 percent), crude materials, inedible except fuels by QR0.3 billion (48.8 percent). On the other hand, decreases were recorded mainly in food and live animals by 0.2 billion (8.3 percent).During the second quarter of 2021, Asia was the principal destination of Qatar’s exports and the first origin of Qatar’s imports, representing 72.3 percent and 39.7 percent respectively, followed by the European Union accounting for 11.2 percent and 31.8 percent respectively, and GCC with 8.6 percent and 3.3 percent respectively.