By Mohammad Shoeb
DOHA: Qatar’s trade balance (which represents the difference between total exports and imports of goods) during the second quarter of this year (Q2,2016) stood at QR20.56bn, up 6 percent compared to QR19.38bn of previous quarter (Q1,2016).
However, when compared on year-on-year (Y-o-Y) basis, the trade surplus is showing a decline of nearly 53 percent compared to QR43.74bn registered in the same quarter last year (Q2,2015), data released by the Ministry of Development Planning and Statistics show.
According to the second quarter edition of the ‘Quarterly Bulletin on Foreign Merchandise’, the value of Qatar’s total exports (including exports of domestic goods and re-exports) in Q2,2016, amounted to QR49.4bn, which has decreased by QR23.7bn, or 32.4 percent, compared to QR73.1bn in Q2,2015.
The y-o-y decline in total exports was mainly due to lower exports of mineral fuels, lubricants and related materials by QR21.3bn, chemicals and related products by QR1.8bn, and manufactured goods by about QR600m.
While the value of Qatar’s imports in Q2,2016 stood at QR28.8bn, down by 1.7 percent (or QR500m), compared to QR29.3bn in Q2,2015. The y-o-y decrease in the value of imports was attributed to the decline in the imports of machinery and transport equipment by QR1.4bn, and manufactured goods classified chiefly by material by QR300m.
Asia was the principal destination of Qatar’s exports and the first origin of Qatar’s imports, representing 70.8 percent and 30.7 percent, respectively, followed by the European Union, accounting for 11.8 percent and 30.7 percent respectively, and the Gulf Cooperation Council, with 9.8 percent and 17.3 percent, respectively.
On a q-o-q basis, Qatar’s total exports in Q2, 2016 declined by QR1.1bn, or 2.1 percent, compared to QR50.48bn in Q1, 2016.
The y-o-y decline in the total value of exports was mainly driven by the decrease in the exports of mineral fuels. During the second quarter of this year, Mineral fuels, lubricants and related materials accounted for 81 percent of total exports. The value of Qatar’s imports during Q2, 2016 declined by QR2.3bn, or 7.3 percent, compared to the previous quarter.
While the y-o-y decrease in imports was mainly driven by decreases in machinery and transport equipment of QR1.4bn, or 10.5 percent, and Manufactured goods by QR300m, or 6.4 percent.
The Peninsula
