Qatar's Trade Balance Rises 39.5% Year on Year in August

Doha, September 26 (QNA) - Qatar's trade balance, the gap between exports and imports, achieved a surplus for the month of August of QR 17.5 billion. This is QR 5 billion higher compared to the same period of last year, or 39.5 percent YoY. Sequentially, it represents a growth of QR0.6 billion or 3.7 percent. The data was released by the Ministry of Development Planning and Statistics, in a report on the preliminary figures of the value of exports of domestic goods, re-exports, and imports for August 2018. The report showed that the month of August 2018 showed total exports of goods (including exports of goods of domestic origin and re-exports) amounting to around QR 26.4 billion, showing an increase of 23.3 percent compared to August 2017, and decreased by 0.7percent compared to July 2018. On other hand, the imports of goods in August 2018 amounted to around QR 8.9 billion, showing an increase of 0.3 percent over August 2017. However, on a month on month basis the imports decreased by 8.5 percent. The year on year (August 2018 to August 2017) increase in total exports was mainly due to higher exports of Petroleum gases and other gaseous hydrocarbons (LNG, condensates, propane, butane, etc.) reaching QR16.9 billion approximately in August 2018, an increase of 28.1 percent, Petroleum oils & oils from bituminous minerals (crude) reaching QR 4.3 billion nearly, increased by 15.7 percent, and increase in the Petroleum oils & oils from bituminous minerals (not crude) reaching QR 1.6 billion, increased by 20.4 percent. India was at the top of the countries of destination of Qatar's exports in August, with close to QR 4.4 billion. This represents a share of 16.6 percent of total exports. It was followed by South Korea with almost QR 4.4 billion and a share of 16.6 percent. Japan was third with about QR 3.9 billion, a share of 14.9 percent. During August 2018, the group of "Turbojets, Turbo propellers & Other Gas Turbines; Parts Thereof" was at the top of the imported group of commodities, with QR 0.4 billion, showing a decrease of 39.0 percent compared to August 2017. In second place was "Parts of Balloons Etc.; Parts of Aircraft, Spacecraft Etc." with QR 0.3 billion, decrease of 8.2 percent and in third place was "Motor cars & other passenger vehicles." with QR 0.2 billion, showing a decrease by 12.8 percent. In August 2018, United State of America was the leading country of origin of Qatar's imports with about QR 2.3 billion, a share of 26.0 percent of the imports, followed by China with QR 1.0 billion almost, a share of 11.1 percent, and India with QR 0.6 billion, a share of 6.2 percent. (QNA)