By Mohammad Shoeb
DOHA: The combined value of Qatar-US bilateral trade in goods in 2015 stood at $5.54bn (about QR20.17bn), witnessing a sharp fall of nearly 20 percent compared to $6.92bn (about QR25.20bn), the highest ever registered in 2014.
The total value of Qatar’s imports of goods from the US in 2015 was $4.23bn (about QR15.40bn) and the value of exports was about $1.31bn (about QR4.77bn). The annual trade balance between the two countries was about $2.93bn (about QR10.67bn), which was skewed in favour of the US being one of the largest import destinations of Qatar.
The decline in bilateral trade volume reflects the impact of plummeting energy prices, which is one of the major sources of revenues for the Qatari government.
Qatar’s monthly imports from the US in February 2015 recorded the highest value for the year hitting $672.8m (about QR2.45bn) closely followed by November at $632.5m (about QR2.30bn), the second highest during the year. While Qatar’s monthly imports from the world’s largest economy declined to $147.7m (QR537.85m) in January, witnessing a sharp fall of over 78 percent compared to the highest value registered in February 2015, according to figures available on the official website of the US Census Bureau.
Similarly, Qatar’s monthly exports of goods to the US for the year 2015 was recorded in March at $225.2m (about QR820m) while the monthly exports for the year declined to $55.5m (about QR202.1m) in December, the lowest in 2015.
Interestingly, January 2015 was the first month (over the last three years) when the value of Qatar’s exports to the US exceeded the value of imports, registering a marginal trade surplus of about $12.9m (about QR46.98m). This was possible because Qatar’s monthly imports from the US for the year was the lowest in January.
However, Qatar has enjoyed trade surpluses with the US in the past for four consecutive years between 1999 and 2002. But after 2003 the trade balance once again went in favour of the US. Since then the trade balance between the two countries has now grown to $2.93bn (about QR10.67bn) in2015 from merely $76.1m in 2003.
Qatar and the US have developed a robust trade relationship and having extensive economic ties, including a strong trade and investment framework agreement. In addition to economic relations, both the countries are coordinating closely on a wide range of regional and global issues and trying to further deepen and strengthen ties.
The US is Qatar’s largest foreign investor and its single largest source of imports.
The US is one of the major equipment suppliers for Qatar’s oil and gas industry, and US companies have played a significant role in the development of the oil and gas sector and petrochemicals industry.
Its exports to Qatar include aircraft, heavy machinery and equipment, vehicles, optical and medical instruments, and agricultural products. While Qatar’s exports to the US include liquefied natural gas (LNG), aluminum, fertilizers, and sulfur among others.
According to figures provided by the US Undersecretary of Commerce for International Trade, Stefan Selig, earlier last year, Qatar’s Foreign Direct Investment (FDI) in US was about $3.2bn (about QR11.65bn) in 2014. However, Selig noted that this number may be even higher as there a lot of investments from private businesses.
The Peninsula
By Mohammad Shoeb
DOHA: The combined value of Qatar-US bilateral trade in goods in 2015 stood at $5.54bn (about QR20.17bn), witnessing a sharp fall of nearly 20 percent compared to $6.92bn (about QR25.20bn), the highest ever registered in 2014.
The total value of Qatar’s imports of goods from the US in 2015 was $4.23bn (about QR15.40bn) and the value of exports was about $1.31bn (about QR4.77bn). The annual trade balance between the two countries was about $2.93bn (about QR10.67bn), which was skewed in favour of the US being one of the largest import destinations of Qatar.
The decline in bilateral trade volume reflects the impact of plummeting energy prices, which is one of the major sources of revenues for the Qatari government.
Qatar’s monthly imports from the US in February 2015 recorded the highest value for the year hitting $672.8m (about QR2.45bn) closely followed by November at $632.5m (about QR2.30bn), the second highest during the year. While Qatar’s monthly imports from the world’s largest economy declined to $147.7m (QR537.85m) in January, witnessing a sharp fall of over 78 percent compared to the highest value registered in February 2015, according to figures available on the official website of the US Census Bureau.
Similarly, Qatar’s monthly exports of goods to the US for the year 2015 was recorded in March at $225.2m (about QR820m) while the monthly exports for the year declined to $55.5m (about QR202.1m) in December, the lowest in 2015.
Interestingly, January 2015 was the first month (over the last three years) when the value of Qatar’s exports to the US exceeded the value of imports, registering a marginal trade surplus of about $12.9m (about QR46.98m). This was possible because Qatar’s monthly imports from the US for the year was the lowest in January.
However, Qatar has enjoyed trade surpluses with the US in the past for four consecutive years between 1999 and 2002. But after 2003 the trade balance once again went in favour of the US. Since then the trade balance between the two countries has now grown to $2.93bn (about QR10.67bn) in2015 from merely $76.1m in 2003.
Qatar and the US have developed a robust trade relationship and having extensive economic ties, including a strong trade and investment framework agreement. In addition to economic relations, both the countries are coordinating closely on a wide range of regional and global issues and trying to further deepen and strengthen ties.
The US is Qatar’s largest foreign investor and its single largest source of imports.
The US is one of the major equipment suppliers for Qatar’s oil and gas industry, and US companies have played a significant role in the development of the oil and gas sector and petrochemicals industry.
Its exports to Qatar include aircraft, heavy machinery and equipment, vehicles, optical and medical instruments, and agricultural products. While Qatar’s exports to the US include liquefied natural gas (LNG), aluminum, fertilizers, and sulfur among others.
According to figures provided by the US Undersecretary of Commerce for International Trade, Stefan Selig, earlier last year, Qatar’s Foreign Direct Investment (FDI) in US was about $3.2bn (about QR11.65bn) in 2014. However, Selig noted that this number may be even higher as there a lot of investments from private businesses.
The Peninsula
