DOHA, QATAR – The merchandise trade balance of Qatar (difference between total exports and imports) recorded a surplus of US$6.7 billion (QR60.9 billion) Q3 2023, down from US$28 billion (QR102.1 billion) in Q3 2022.
According to the press release on Quarterly Foreign Merchandise Trade Statistics, Q3 2023 State of Qatar, published by the Planning and Statistics Authority (PSA), Qatars total exports in Q3 2023 (including exports of domestic goods and re-exports) amounted to US$ QR24.6 billion (89.8 billion), decreased by US$13.2 billion (QR 43.8 billion) (32.8 percent) compared to Q3 2022 which amounted to total exports of US$36.7 billion (QR 133.6 billion), and increased by nearly US$1.2 billion (QR 4.4 billion) or 5.2 percent compared to Q2 2023.
The Q3 2023 year on year (Y-o-Y) decrease in total exports was mainly due to lower exports of mineral fuels, lubricants and related materials by US$11.3 billion (QR 41.2 billion) (34.6 percent), chemicals and related products by US$741 million (QR 2.7 billion) (30.8 percent), crude materials, inedible, except fuels US$82 million (0.3 billion) (53.7 percent).
Increases was recorded mainly in machinery and transport equipment by US$109 million (0.4 billion) (19.6 percent) and miscellaneous manufactured articles by US$27.4 million (0.1 billion) (12 percent).
The value of Qatar’s imports in Q3 2023 was US$7.9 billion (QR 28.9 billion); decreased by US$686 million (QR 2.5 billion) (8.1 percent) compared to Q3 2022 imports of US$8.6 billion (QR 31.5 billion), and increased by nearly US$329 million (QR 1.2 billion) or 4.4 percent compared to Q2 2023.
The Q3 2023 (Y-o-Y) decrease in imports values is mainly due to decreases in miscellaneous manufactured articles by US$274 million (1 billion) (16 percent), chemicals and related products US$175 million (QR 0.64 billion) (20.3 percent), food and live animals by US$153 million (QR 0.56 billion) (15.5 percent), crude materials, inedible, except fuels by US$54 million (QR 0.2 billion) (16.3 percent).
The increases were mainly in machinery and transport equipment by US$ QR27 million (0.1 billion) (1 percent) and manufactured goods classified chiefly by material by US$16 million (0.06 billion) (1.5 percent).
In Q3 2023, Asia was the principal destination of Qatar’s exports and the first origin of the country’s imports, representing 74.9 percent and 36.3 percent respectively.
It was followed by the European Union, accounting for 10.4 percent and 27.5 percent of exports and imports respectively.
The GCC accounted for 9.4 percent and 7.3 percent of the country’s exports and imports respectively.