Qatar’s international trade policy of export promotion and import substitution has started bearing positive results. The imports of goods in February 2019 amounted to around QR8.5bn, showing on a month-on-month decrease of 3.8 percent compared to January 2019.
However, when compared on yearly basis, the imports have increased by 1.9 percent over February 2018, official data released yesterday show.
Qatar’s trade balance, which represents the difference between total exports and imports of goods, showed a surplus of QR13.8bn in February 2019, registering a year-on-year decrease of about QR300m, or 1.9 percent, compared to QR14.1bn trade surplus reported in February 2018.
When compared on monthly basis, Qatar’s trade surplus in February witnessed a decrease of nearly QR2.1bn, or 13.1 percent, compared to January 2019, according to preliminary figures released by the Planning and Statistics Authority on the official website of the Ministry of Development, Planning and Statistics.
In February 2019, the total exports of goods (including exports of goods of domestic origin and re-exports) amounted to about QR22.3bn, showing a decrease of 0.5 percent compared to February 2018, and decreased by 9.7 percent compared to January 2019.
The total exports of Petroleum gases and other gaseous hydrocarbons (LNG, condensates, propane, butane, etc) reached at QR14.5bn in February 2019, an increase of 6 percent, Petroleum oils and oils from bituminous minerals (crude) reaching QR3.4bn nearly, decreased by 14.3 percent, and decrease in the Petroleum oils and oils from bituminous minerals (not crude) reaching QR1.6bn, decreased by 15.1 percent.
In February 2019, Japan was at the top of the countries of destination of Qatar’s exports with close to QR4.5bn, a share of 20.4 percent of total exports, followed by South Korea with almost QR4.4bn and a share of 19.7 percent, China with about QR3.1bn, a share of 13.7 percent.
During February 2019, the group of “Parts Of Balloons etc; Parts Of Aircraft, Spacecraft etc” was at the top of the imported group of commodities, with QR400m, showing an increase of 71.4 percent compared to February 2018. In second place was “Motor cars & other passenger vehicles” with QR300m, showing an decreased by 35.9 percent, and in third place was “Turbojets, turbo propellers & other gas turbines; parts thereof” with QR200m, decrease of 3.6 percent.
In February 2019, China was the leading country of origin of Qatar’s imports with about QR1.3bn, a share of 14.9 percent of the imports, followed by United State of America with QR1.02bn almost, a share of 12.0 percent, and Germany with QR1.01bn, a share of 11.9 percent.
Source from: The Peninsula