Doha: Qatar’s quarterly foreign merchandise trade surplus stood at QR19.6bn in Q3 2020, down by about 48 percent compared to QR38bn recorded for the corresponding quarter last year (Q3 2019), official data showed.
The trade balance (which is a surplus in case) is the difference between total exports and imports of goods during a particular period of time.
According to data released by the Planning and Statistics Authority (PSA), the value of Qatar’s total exports (including exports of domestic goods and re-exports) in Q3 2020 amounted to QR41.1bn, which has decreased by QR22.6bn (35.5 percent) compared to QR63.7bn in Q3 2019.
When compared on quarterly basis, exports have risen by nearly QR3.3bn or 8.6 percent compared to Q2 2020.
The year-on-year (Y-o-Y) decrease in total exports was mainly due to lower exports of Mineral fuels, lubricants and related materials by QR21.0bn (38.5 percent), Manufactured Goods Classified Chiefly By Material by QR1.1bn (49.5 percent), Chemicals and Related Products n.e.s. by QR0.5bn (9.1 percent), and Crude Materials Inedible Except Fuels by QR0.2bn (81.1 percent). On other hand increases was recorded mainly in
Miscellaneous Manufactured Articles by QR0.2bn (71.7 percent).
The value of Qatar’s imports in Q3 2020 was QR21.5bn; decreased by QR4.2bn (16.5 percent) compared to Q3 2019 imports of QR 25.7bn.
During Q3 2020, Asia was the principal destination of Qatar’s exports and the first origin of Qatar’s imports, representing 79 percent and 39.7 percent, respectively, followed by the European Union, accounting for 9.0 percent and 29.8 percent respectively, and GCC, with 6.0 percent and 3.3 percent, respectively.
