Private sector exports reached QR929 million in August 2020

Doha: Qatar Chamber has issued its monthly economic newsletter for October 2020 which highlighted the most prominent trends in the Qatari economy, as well as statistics related to foreign trade and trade of private sector in August 2020.

The report, prepared by QCs Researches & Studies Department, said that according to the figures given by The Planning and Statistics Authority for August 2020, the total the value of foreign merchandise trade statistics amounted to QR 21.1 billion, showing a slight increase of 0.5 percent compared to July 2020, which amounted to QR 21 billion.

In August 2020, the total exports of goods (including exports of goods of domestic origin and re-exports) amounted to around QR 14 billion, showing an increase of 2.9 percent compared to QR 13.6 billion in July, while imports during the same month amounted to around QR 7.1 billion, showing a decrease of 4.1 percent compared to QR 7.4 billion in July.

Therefore, the country’s trade balance, which represents the difference between total exports and imports, showed a surplus of QR 6.9 billion, recording an increase of 11.3 percent compared to QR 6.2 billion in July.

The report added that in August 2020, China was at the top of the countries of destination of Qatar's foreign trade with about QR 3.5 billion, a share of 16.6 percent of the state's total foreign trade.

The report also featured the trade of private sector during August according to the certificate of origin issued by the Chamber which reached QR 929 million.

Therefore, the total value of private sector's exports during the first eight months of 2020 reached QR 10.02 bn.

In August 2020, India was at the top of the countries of destination of private sectors exports with close to QR 299mn, a share of 32.1 percent of the total exports. It was followed by Oman with almost QR 173mn and a share of 18.6 percent, Turkey with about QR 94mn, a share of 10.1 percent.

Netherlands comes in fourth place with almost QR76mn, a share of 8.1 percent, Singapore with about QR 50mn, a share of 5.3 percent, followed by Hong Kong with about QR 39 mn, a share of 4.1 percent and Kuwait with QR 33mn, a share of 3.4 percent.

Qatar Chamber also highlighted a report about the stability and flexibility of economic policies, noting that the State of Qatar has adopted the free economy approach that limits the state's direct intervention in mechanisms of market and thereby in fixing prices of commodities and services.

Amid the current crisis of Covid-19, the State of Qatar has strived to protect the economy and maintain its stability in a way that ensures that the necessary goods and services are provided to the public at reasonable prices.

At the same time, the state is seeking to remove all obstacles facing producers and encourages them to increase production of commodities and services.