Qatar’s trade with GCC up 64% in 2024

Doha: Qatar s trade volume with the five Gulf Cooperation Council (GCC) countries has seen a 63.75% increase in 2024, according to data published by t...

Doha: Qatar’s trade volume with the five Gulf Cooperation Council (GCC) countries has seen a 63.75% increase in 2024, according to data published by the National Planning Council (NPC). Qatar’s bilateral trading volume with the five nations totalled QR35.13bn in first eight months of 2024, rising from QR21.458bn in the same period of 2023. 2024 full year data is yet to be published. 

The United Arab Emirates (UAE) emerged as Qatar’s largest trading partner in the GCC countries, followed by Kuwait, Oman, Saudi Arabia, and Bahrain. 

In the first eight months of 2024, Qatar’s bilateral trade volume with the UAE stood at QR18.9 billion, according to NPC. Of the total amount, Qatar exported goods and services worth QR14.865bn while imports from the UAE were valued at QR4.038bn. Major exports included petroleum gases and other gaseous hydrocarbons, vessels for the transport of persons or goods, and acyclic hydrocarbons. Major imports from the UAE during this period were copper wire and gold. Qatar’s single largest exports to the UAE were petroleum gases and other gaseous hydrocarbons worth QR8.8bn in the January-August 2024 period. The largest import categories were copper wire at over QR1bn and gold at QR640m.

Bilateral trade with Kuwait stood at QR7.36bn in same period. Qatari exports stood at QR5.18bn, while imports from Kuwait were valued at QR2.184bn. Among major exports and imports, Qatar exported petroleum gases and other gaseous hydrocarbons worth QR4.6bn to Kuwait, and imported petroleum oils and oils from bituminous minerals worth QR1.7bn during the eight months.

Oman stood third in the GCC with trade volume hitting QR4.8bn in the eight months. Qatari exports to Oman stood at QR2.1bn and imports at QR2.648bn with trade deficit of QR476m. Among major categories, Qatar imported petroleum oils and oils from bituminous minerals (crude) worth QR1.3bn. Major Qatari exports included petroleum oils and oils from bituminous minerals (not crude) worth QR899m, chemicals worth QR686m, and pig iron worth QR219m.