By Mohammad Shoeb
DOHA: Despite facing falling energy prices and economic slowdown, the value of Qatar-US bilateral trade (in goods) during the first half of this year (H1,FY16) jumped to QR15.58bn ($4.28bn), a double-digit growth of over 46 percent compared to QR10.66bn ($2.93bn) for the corresponding period last year (H1,FY15).
With the significant surge in trade volume, the US trade surplus with Qatar (which represents the difference between exports and imports of goods) for the H1, FY16 has registered a triple-digit growth of 133 percent reaching QR10.96bn ($3.01bn) from QR4.70bn ($1.29bn) for the same period last year, data available at the United States Census Bureau suggest.
The US exports to Qatar during the period (Jan-June 2016) stood at $3.65bn (QR13.29bn), showing a sharp increase of about 73 percent against $2.11bn (QR7.68bn) recorded for the corresponding period last year. While the value of US imports from Qatar during the period declined by 22.49 percent to $636.3m compared to $821m registered during the same period last year.
“As one of Qatar’s largest foreign investors and sources of imports, the United States has developed important, long-lasting trade relationships with Qatar that continue to grow year after year”, said the US Embassy in Qatar in a statement replying to queries from The Peninsula recently.
“The total volume of bilateral trade between the United States and Qatar exceeded $5bn (QR18.20bn) in 2015, and bilateral trade has already shown a 40 percent increase in the first five months of 2016”, said the statement issued in July-end.
According to the embassy, transportation equipment accounts for the majority of US exports to Qatar thus far in 2016. “The US exports to Qatar constitute a major part of the local economy; while we continue to heavily export advanced technologies such as commercial aircraft, vehicles, heavy equipment, satellite and communications equipment. We also provide key management and technical services in engineering, education, and environment technologies.”
Citing example of the extent of wide ranging cooperation of US companies in Qatar, the embassy said that 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. “Innovation in the United States continues to be one of the strongest pillars of the economy, as the US is home to the largest research and innovation hub in the world, with more than 300,000 patents granted in 2015 alone (from US and foreign origin), raking us first globally,” it added. It noted that research and development is an important component of the trade relationship between the US and Qatar, with major US companies established at Qatar Science and Technology Park (QSTP).
The US is the largest investor in Qatar’s Oil and Gas sector helping produce more than two thirds of the country’s LNG output.
The Peninsula
By Mohammad Shoeb
DOHA: Despite facing falling energy prices and economic slowdown, the value of Qatar-US bilateral trade (in goods) during the first half of this year (H1,FY16) jumped to QR15.58bn ($4.28bn), a double-digit growth of over 46 percent compared to QR10.66bn ($2.93bn) for the corresponding period last year (H1,FY15).
With the significant surge in trade volume, the US trade surplus with Qatar (which represents the difference between exports and imports of goods) for the H1, FY16 has registered a triple-digit growth of 133 percent reaching QR10.96bn ($3.01bn) from QR4.70bn ($1.29bn) for the same period last year, data available at the United States Census Bureau suggest.
The US exports to Qatar during the period (Jan-June 2016) stood at $3.65bn (QR13.29bn), showing a sharp increase of about 73 percent against $2.11bn (QR7.68bn) recorded for the corresponding period last year. While the value of US imports from Qatar during the period declined by 22.49 percent to $636.3m compared to $821m registered during the same period last year.
“As one of Qatar’s largest foreign investors and sources of imports, the United States has developed important, long-lasting trade relationships with Qatar that continue to grow year after year”, said the US Embassy in Qatar in a statement replying to queries from The Peninsula recently.
“The total volume of bilateral trade between the United States and Qatar exceeded $5bn (QR18.20bn) in 2015, and bilateral trade has already shown a 40 percent increase in the first five months of 2016”, said the statement issued in July-end.
According to the embassy, transportation equipment accounts for the majority of US exports to Qatar thus far in 2016. “The US exports to Qatar constitute a major part of the local economy; while we continue to heavily export advanced technologies such as commercial aircraft, vehicles, heavy equipment, satellite and communications equipment. We also provide key management and technical services in engineering, education, and environment technologies.”
Citing example of the extent of wide ranging cooperation of US companies in Qatar, the embassy said that 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. “Innovation in the United States continues to be one of the strongest pillars of the economy, as the US is home to the largest research and innovation hub in the world, with more than 300,000 patents granted in 2015 alone (from US and foreign origin), raking us first globally,” it added. It noted that research and development is an important component of the trade relationship between the US and Qatar, with major US companies established at Qatar Science and Technology Park (QSTP).
The US is the largest investor in Qatar’s Oil and Gas sector helping produce more than two thirds of the country’s LNG output.
The Peninsula
