Qatar’s trade surplus reaches QR11.9bn in July, an increase of 78.1% year-on-year

Qatar’s foreign trade balance, which is the difference between total exports and imports, showed a surplus of QR11.9bn, an increase of about QR5.2bn or 78.1% compared to July 2016, reported Gulf Times.

This is according to statistics released by the Ministry of Development Planning and Statistics, on the value of exports of domestic goods, re-exports, and imports for July 2017.

In July 2017, the total exports of goods (including exports of goods of domestic origin and re-exports) amounted to around QR18.1bn, an increase of 11.4% compared to same period last year.

The year on year (July 2017 to July 2016) increase in total exports was mainly due to higher exports of Petroleum gases and other gaseous hydrocarbons (LNG, condensates, propane, butane, etc.) reaching QR11.2bn approximately in July 2017, an increase of 7.8%.

On the other hand, the imports of goods in July 2017 amounted to around QR 6.2bn, showing decrease of 35% percent over July 2016. However, on a month on month (M-o-M) basis, the imports increase by 6.3%, according to Qatar Tribune.

In July 2017, South Korea was the top destination for Qatar’s exports, at close to QR3.1bn, a share of 17.3% of total exports, followed by China, at almost QR2.7bn and a share of 14.6%, Japan at about QR2.3bn, a share of 12.9%.

During July 2017, the ‘motor cars & other passenger vehicles’ segment was at the top in imported goods, at QR0.4bn, showing a decrease of 16.6%, compared to July 2016.

In July 2017, the US was the leading country of origin for Qatar’s imports at about QR1bn, a share of 16.1% of the total imports, followed by China at QR0.7bn almost — a share of 11.1%, and Japan at QR0.4bn, a share of 6.7%.