Doha: Efforts in boosting Qatar-US trade and economic relations have been witnessing sharp and robust growth. The US exports to Qatar saw a triple-digit growth in May 2019 with the monthly value of exports of goods to the Gulf state reaching at QR1.57bn ($432m), registering a sharp jump of over 100 percent compared to QR780.37m ($214.3m) in the previous month (April 2019), official data show.
According to latest online data released by the US Census Bureau, the total value of two-way trade exchange between Qatar and the US in May reached QR1.90bn ($522.6m), recording a double-digit growth of 36 percent (month-on-month) compared to QR1.39bn ($382.8m) in April 2019.
The US trade surplus (difference between the exports and imports of goods) against Qatar for the month reached QR1.24bn ($341.4m), witnessing more than seven-fold increase (over 650 percent) compared to QR166.78m ($45.8m) in the previous month (April 2019). This phenomenal rise in US trade surplus against Qatar in May was due to sharp month-on-month increase in exports to, and significant fall in imports from, Qatar.
The combined value of Qatar-US bilateral trade for the first five months of this year (January-May 2019) reached QR10.19bn ($2.80bn), recording a significant increase of nearly 34 percent compared to QR7.61bn ($2.09bn) reported for the corresponding period last year (January-May 2018).
The total value of US trade surplus against Qatar from January to May 2019 reached QR3.18bn ($875.3m), which was 18.6 percent up compared to QR2.68bn ($738m) recorded in the same period last year.
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.
The Amir H H Sheikh Tamim bin Hamad Al Thani, during his recently concluded official visit to Washington, met with the President Donald Trump and discussed the strong bilateral strategic cooperation between the two countries and ways of promoting and enhancing them in various fields.
H H the Amir noted in his statement the current large investments in the US, especially in infrastructure. The Amir explained that the volume of trade exchange between the two countries now exceeds $185bn, noting the desire to multiply this figure for his confidence in the US economy.
The two leaders witnessed the signing of an agreement between Qatar Petroleum and Chevron Phillips for the development of an international petrochemical complex in the Gulf Coast of the US, and an agreement between Qatar Airways, and each of General Electric (GE) and Boeing for the purchase of five Boeing 777 cargo planes and Gulfstream Aviation.
Under the agreement with Gulfstream Aviation, Qatar Airways has made a significant order of $1bn (QR3.64bn) to buy 18 Gulfstream aircraft (14 Gulfstream G650ER and four G500) to be added in the Qatar Executive’s growing fleet that currently includes six G650ER and four G500 aircraft.
Aircraft and other transportation equipment account for a signification part of the US exports to Qatar.
Source from: The Peninsula