THE year 2021 has been a very good period for Qatar’s exports. The exports have risen consistently throughout the year despite the challenges posed by COVID-19 outbreak, which demonstrates the resilience of local economy.
Qatar’s foreign merchandise trade balance, which represents the difference between total exports and imports, showed a surplus of QR24.5bn in November 2021, showing an increase of about QR15.5bn or 170.6 percent compared to November 2020. When compared month-on-month, the surplus increased by nearly QR3.3bn or 15.8 percent compared to October 2021, according to preliminary figures released by the Planning and Statistics Authority.
In November 2021, the total exports of goods including exports of goods of domestic origin and re-exports amounted to around QR34.3bn, showing an increase of 106.6 percent compared to November 2020, and an increase of 13.9 percent compared to October 2021. The trend of rising exports was visible even during the previous months. Qatar’s trade balance during the third quarter of 2021 achieved a surplus of QR57.8bn compared to the third quarter of 2020, when it reached QR19.6bn. The total value of Qatari exports during the mentioned period amounted to QR82.6bn, an increase of QR41.5bn, or 101 percent, compared to the same period last year.
The value of Qatari imports during this period amounted to QR24.8bn, an increase of QR3.3bn or 15.3 percent compared to the third quarter of 2020, which amounted to QR21.5bn. A report by the Qatar Chamber showed that the value of private sector exports, until the end of third quarter of this year, amounted to about QR20.9bn, compared to QR11.1bn for the same period last year, achieving a record increase of more than 88 percent.
Last September, exports recorded a record rise of about QR4.98bn, an increase of more than 350 percent on an annual basis compared to the same month of the year 2020, when they recorded about QR1.09bn.
Exports also increased by 164 percent on a monthly basis compared to last August, in which the value of exports amounted to QR1.89bn.
In the second quarter of this year, the total exports amounted to QR71.1bn, showing an increase of QR33.3bn or 88.1 percent compared to QR37.8bn during Q2, 2020; and an increase of nearly QR7.2bn or 11.2 percent when compared to Q1, 2021. During Q2, 2021, Asia was the top destination of Qatar’s exports and the leading origin of Qatar’s imports, representing 72.3 percent and 39.7 percent respectively. The trends witnessed in the last year indicates that exports from Qatar will continue to rise in next year.
