Qatar-US trade volume is witnessing a continued growth. Despite the ongoing economic blockade and other challenges faced by Qatar, bilateral trade in goods between Qatar and the US witnessed a double-digit growth in the first six month of this year.
The combined value of two-way trade exchange in goods during the first half of this year (H1 2019) jumped to QR12.34bn ($3.39bn), registering a sharp growth of over 28 percent compared to QR9.61bn ($2.64bn) recorded in the corresponding period last year (H1, 2018), data available at the US Census Bureau official website show.
When compared with the trade volume of the same period in 2017, the bilateral trade volume has grown more than double as the value of two-way trade exchange in goods between the two countries stood at QR5.86bn ($1.61bn) in H1 2017.
With the significant surge in trade volume, the US trade surplus with Qatar (which represents the difference between exports and imports of goods) has also witnessed a steep jump to reach QR4.33bn ($1.19bn) in H1 2019, up by 16.6 percent compared to QR3.71bn ($1.02bn) of trade surplus recorded during the same period previous year (H1 2018).
The US exports of goods to Qatar during the period (January-June 2019) stood at $2.29bn (QR8.33bn), showing a significant increase of about 25 percent compared to $1.83bn (QR6.66bn) in H1 2018. The value of US exports to Qatar in H1 2017 had remained at $1.04bn (QR3.78bn), this shows that the US exports of goods to Qatar has recorded a remarkable more than two-fold increase over the last couple of years.
The value of the US imports of goods from Qatar during the first half of this year surged to $1.10bn (QR4.0bn), up 35 percent compared to $810.2m (QR2.95bn) for the same period previous year (H1 2018). When compared to 2017 figure for the period, the US imports from Qatar has also doubled against $574.5m (QR2.09bn) in H1 2017.
Bilateral trade volume in goods between the two countries peaked in 2014 to touch $6.91bn (QR25.16bn) with US exports to Qatar at $5.17bn and imports at $1.74bn. The US trade surplus with Qatar in 2014 reached at $3.43bn. And this year that peak trade volume is expected to be breached if the same growth trend continues.
The transportation equipment, including aircraft, accounts for the majority of US exports to Qatar. US exports to Qatar constitute a major part of the local economy; while the US continue to heavily export advanced technologies such as commercial aircraft, vehicles, heavy equipment, satellite and communications equipment. The US, the world’s largest economy, also provides key management and technical services in engineering, education, and environment technologies to Qatar.
Almost every major construction and infrastructure project in Qatar is currently being managed or supervised by an American engineering firm. Furthermore, six of the seven major universities in Education City are American universities.
The bilateral trade and economic cooperation between Qatar and the US is expected to grow further to reach new heights in the coming years as both the countries are working very closely and aggressively to deepen and expand the ties.
Source from: The Peninsula