Qatar’s exports grew 18.4% in May to $5.49 billion
The Dollar Business Bureau
Qatar’s exports grew 18.4% to QR20.2 billion (about $5.49 billion) in May, on account of higher shipments of petroleum gases and other gaseous hydrocarbons such as LNG, propane, butane, etc.
“The overall value of exports of goods that include shipments of domestic origin as well as re-exporting of goods in May 2017, reached at around QR20.2 billion, witnessing a sharp increase of 18.4% (year-on-year) as compared to May last year, according to the latest data by the Qatar’s Ministry of Development Planning and Statistics.
On monthly basis, the country’s exports grew by 7.6% last month as compared to April, the data showed.
The increase in overall exports from Qatar was mainly backed by higher shipments of petroleum gases and other gaseous hydrocarbons including condensates, LNG, butane, propane and others, which makes up about QR12 billion of exports in the month, registering a rise of 21.6%.
In May, the shipments of petroleum oils and oils from bituminous minerals (crude) increased by 8.3% to QR3.3 billion, while petroleum oils & oils from bituminous minerals (not crude) reached QR1.1 billion, an increase of 29.7%.
Japan was the topmost destination for Qatar’s exports with around to QR3.2 billion, a share of 15.9% in overall exports, followed by South Korea with around QR2.9 billion (14.3% share) of exports and Singapore with around QR2.3 billion (11.2% share).
On other hand, Qatar’s imports last month amounted to QR9.5 billion (about $2.58 billion), registering a decline of 0.3% as compared to same month in 2016. However, on a month-on-month basis, the country’s imports grew by 5.8%.
Last month, the country registered a trade surplus of QR10.7 billion (around $2.91 billion), an increase of around QR3.2 billion, or 41.7% against the same month a year ago and an increase of almost QR900 million, or 9.2% from April 2017.
Germany was the major country for Qatar’s imports last month, with around QR1 billion inbound shipments, making a share 11% of overall goods imports. It was followed by China with almost QR1 billion of imports, a share of 10.4%, and the US with around QR1 billion, a share of 10.3%.
However, currently with the escalation of tensions in the region, after Saudi Arabia, Bahrain, the United Arab Emirates and Egypt cut ties with Doha, it has to be seen how it will impact the trade of Qatar, the biggest seller of liquefied natural gas (LNG) in the world.