Qatar’s merchandise trade surplus for the third quarter of 2024 dropped to QR57.7bn, marking a decline from QR60.9bn in the same period in 2023. This year-on-year contraction reflects reduced export revenues and highlights resilience with quarterly export growth.
Year-on-Year Export Decline, Quarter-on-Quarter Growth
Export revenues fell by 2.2% year-on-year (Y-o-Y), amounting to QR87.8bn in Q3 2024 compared to QR89.8bn in Q3 2023. The decline was largely driven by reduced income from mineral fuels, lubricants, and related materials, which dropped by QR5.0bn (6.5%).
Other categories, such as miscellaneous manufactured articles, also witnessed a downturn, with exports decreasing by QR0.1bn (22%).
However, exports displayed a 3.3% quarter-on-quarter (Q-o-Q) growth, rising from QR85.0bn in Q2 2024. This improvement was bolstered by gains in categories like:
- Chemicals and related products n.e.s., up QR1.5bn (24.5%).
- Machinery and transport equipment, which rose by QR1.2bn (53.3%).
- Manufactured goods classified chiefly by material, increasing by QR0.4bn (17.1%).
- Crude materials, inedible (except fuels), up by QR0.1bn (24.8%).
Moderate Import Growth
Imports totaled QR30.1bn in Q3 2024, reflecting a 4.1% Y-o-Y increase from QR28.9bn in Q3 2023, despite a 1.1% decline Q-o-Q compared to Q2 2024.
Key drivers of the increase included:
- Machinery and transport equipment, up by QR0.8bn (6.7%).
- Chemicals and related products n.e.s., growing by QR0.4bn (17.2%).
- Mineral fuels, lubricants, and related materials, which saw a QR0.32bn (58.2%) rise.
- Food and live animals, up by QR0.30bn (9.8%).
However, declines were observed in:
- Miscellaneous manufactured articles, down QR0.4bn (6.7%).
- Manufactured goods classified chiefly by material, which decreased by QR0.3bn (7.7%).
Regional Trade Partners
Asia remained Qatar’s leading trade partner, accounting for 75.9% of exports and 39.7% of imports in Q3 2024. The GCC followed with 11.6% of exports and 11.3% of imports, while the European Union contributed 7.7% of exports and 26.0% of imports.
Resilient Trade Environment
Despite a narrowed trade surplus year-on-year, the Q-o-Q growth in exports indicates a resilient trade environment. Qatar’s diversification into non-energy sectors signals strategic shifts in trade policies, aligning with its long-term goals.
With Asia continuing to dominate as a trading partner, Qatar’s commitment to broadening its export base is likely to strengthen its global trade position further.
