Qatar recorded a merchandise trade surplus of QR 57.7 billion in the third quarter of 2024, a slight decrease from QR 60.9 billion in the same period of 2023. However, the surplus showed an improvement compared to QR 54.9 billion in Q2 2024.
Export Trends: A Mixed Performance
The total exports for Q3 2024, including domestic goods and re-exports, amounted to QR 87.8 billion. This marked a 2.2% year-on-year (YoY) decline from QR 89.8 billion in Q3 2023 but a 3.3% increase compared to Q2 2024.
The YoY decrease in exports was primarily due to:
- Mineral Fuels and Lubricants: Declined by QR 5.0 billion (6.5%).
- Miscellaneous Manufactured Articles: Dropped by QR 0.1 billion (22.0%).
Meanwhile, notable increases were observed in:
- Chemicals and Related Products: Increased by QR 1.5 billion (24.5%).
- Machinery and Transport Equipment: Rose by QR 1.2 billion (53.3%).
- Manufactured Goods Classified Chiefly by Material: Up by QR 0.4 billion (17.1%).
Import Trends: Year-on-Year Growth
Qatar’s imports for Q3 2024 totaled QR 30.1 billion, reflecting a YoY increase of 4.1% from QR 28.9 billion in Q3 2023. Compared to Q2 2024, imports dipped slightly by 1.1%.
Key import trends included:
- Machinery and Transport Equipment: Increased by QR 0.8 billion (6.7%).
- Chemicals and Related Products: Rose by QR 0.4 billion (17.2%).
- Mineral Fuels and Lubricants: Grew by QR 0.32 billion (58.2%).
Decreases were noted in:
- Miscellaneous Manufactured Articles: Dropped by QR 0.4 billion (6.7%).
- Manufactured Goods Classified Chiefly by Material: Declined by QR 0.3 billion (7.7%).
Key Trade Partners
Asia remained Qatar’s largest trade partner in Q3 2024, accounting for:
- 75.9% of exports and 39.7% of imports.
Other key regions included:
- GCC Nations: 11.6% of exports and 11.3% of imports.
- European Union: 7.7% of exports and 26.0% of imports.