Middle East

Qatar’s economy is experiencing promising changes in exports-Doha News

Qatar’s economy has witnessed an increase in the number of exports, highlighting a recovery from a pandemic slowdown.

Qatari commodities exports have increased exponentially in recent months, surpassing 30 billion QARs, showing a dramatic increase of 96.38% compared to 15.3 billion QARs in October 2020, September 2021. It shows an increase of 7.28% compared to 28 billion QAR. Reported by the Qatar Chamber of Commerce (QC).

QC Recently, in October 2021, we published a detailed report on the country’s foreign trade. It focuses specifically on private sector exports. According to the report, private sector exports for the month were 2.3 billion Qatari riyals, an increase of 85% annually compared to 1.24 billion Qatari riyals in October 2020.

This change represents Qatar’s optimistic recovery in the light of the effects of the recession that has hit the country’s economy due to the pandemic.

read more: Qatar’s inflation rate reaches record high

According to QC reports, commodity imports for the month were approximately 8.9 billion QAR, an increase of 7.63% year-on-year compared to 8.27 billion QAR in October 2020. Is calculated by calculating the difference between total imports and exports, exceeding 20 billion QAR, showing an increase of 200% compared to 7,048 million QAR in October 2020.

These rapid year-to-year changes show that the country is trying to change the tide despite the high inflation caused by the pandemic.

The highest export value seen since the 2020 pandemic peak was 1.954 billion QR. However, due to sudden changes, the country’s private sector exports increased by 17.9% in October 2021.

Graph showing private sector exports in October 2020 and 2021 and February 2020 [Qatar Chamber, the Economic Newsletter Dec 2021]

The report noted that in October 2021, private sector exports to non-GCC countries increased by 39.5% on a monthly basis and 98.5% on an annual basis. However, for GCC member countries, exports decreased by 85.7% on a monthly basis and increased by 413% on an annual basis.

The QC report added that there were five major export and trading partners. In October, India accounted for 4,086 million Qatari riyals in Qatar exports, accounting for 13.6% of total exports, South Korea about 4 billion Qatari riyals, 12.8%, and Japan about 3,619 million Qatari riyals. .. It is equivalent to a 12% share. Next, China gained a 11.4% share with almost 3.4 billion QAR, and the UK in fifth place with 2.495 billion QAR and an 8.3% share.

The report outlined some of the exports including steel, industrial gas, aluminum, paraffins, chemicals, essential oils and industrial oils, lotrens, petrochemicals, and fertilizers.

In October 2021, steel exports increased significantly to 1946% on a monthly basis and 1746% on an annual basis. Industrial gas exports surged 659% on a monthly basis and 193% on an annual basis. Aluminum exports increased 140% on a monthly basis and 106% on an annual basis.

In addition, paraffin exports increased by 46.4% on a monthly basis and 811.2% on an annual basis. Chemical exports increased $ 39.2 on a monthly basis and $ 141 on an annual basis.

Finally, Lotrene’s exports fell 40% on a monthly basis, but increased by 25.3% on an annual basis. Petrochemicals were reduced by 22% on a monthly basis and 91.4% on an annual basis. Exports of fertilizers also declined at a low rate of 3.5% on a monthly basis, but increased by 240.1% on an annual basis.

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