Doha: Qatar’s foreign merchandise trade balance, which represents the difference between total exports and imports, showed a surplus of QR46.4bn during the second quarter (Q2) of 2021, reflecting an increase of QR30.9bn or 199.3 percent compared to QR15.5bn during the same period in 2020, according to figures released by the Planning and Statistics Authority (PSA).
In Q2, 2021, the total exports including exports of domestic goods and re-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.
The year-on-year (Y-o-Y) increase in total exports was mainly due to higher exports of Mineral fuels, lubricants and related materials by QR29.1bn (98.7 percent), Chemicals and Related Products n.e.s. by QR3.8bn (100 percent), and Manufactured Goods Classified Chiefly by Material by QR700m (62.1 percent).
On the other hand, decreases were recorded mainly in Crude Materials, Inedible, Except Fuels by QR40m (42.1 percent), and Machinery and Transport Equipment by QR400m (14.0 percent).
The imports of goods in Q2, 2021 amounted to around QR24.8bn, showing an increase of QR2.5bn or 11.2 percent compared to QR22.3bn during Q2 2020; and an increase of nearly QR800m or 3.1 percent wh The Y-o-Y increase in total imports is mainly due to increases in Manufactured Goods Classified Chiefly by Material by QR900m (26.9 percent), Machinery and Transport Equipment by QR600m (6.5 percent), Chemicals and Related Products n.e.s. by QR400m (14.9 percent), and Crude Materials, Inedible Except Fuels by QR300m (48.8 percent).
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, followed by the European Union, accounting for 11.2 percent and 31.8 percent respectively, and GCC, with 8.6 percent and 3.3 percent respectively. en compared to Q1 2021.
