(MENAFN- The Peninsula)
The Peninsula
Doha: Qatar's foreign merchandise trade surplus stood at QR24.7bn in the fourth quarter of last year (Q4, 2020), down from QR38.4bn recorded for the corresponding quarter in 2019, data released by the Planning and Statistics Authority (PSA) show.
During the fourth quarter of 2020, the value of Qatar's total exports (including exports of domestic goods and re-exports) amounted to QR49.1bn, which has decreased by QR16.7bn (25.4 percent) compared to QR65.7bn during the same period in 2019. When compared on quarterly basis, exports have risen by nearly QR8.0bn or 19.4 percent compared to the third quarter of 2020 (Q3 2020).
The year-on-year (Y-o-Y) decrease in total exports was mainly due to lower exports of Mineral fuels, lubricants and related materials by QR16.8bn (29.7 percent), Crude Materials Inedible Except Fuels by QR300m (90.5 percent) and Manufactured Goods Classified Chiefly By Material by QR800m (38.3 percent).
On the other hand, increases were recorded mainly in Miscellaneous Manufactured Articles by QR800m (174.1 percent), Chemicals and Related Products by QR500m (10.2 percent) and Food and live animals by QR3m (16.7 percent).
The value of Qatar's imports during the fourth quarter of 2020 (Q4 2020) was QR24.4bn; which has decreased by QR3.0bn (10.9 percent) compared to QR27.3bn during Q4 2019. When compared on quarterly basis, imports have increased by nearly QR 2.9bn or 13.4 percent compared to Q3 2020.
The Y-o-Y decrease in total imports was mainly due to decreases in Mineral fuels, lubricants and related materials by QR100m (45.9 percent), Crude Materials, Inedible Except Fuels by QR700m (53.0 percent), Miscellaneous manufactured articles by QR1.3bn (24.0 percent), and Machinery and Transport Equipment by QR800m (7.6 percent).
On the other hand, increases were recorded mainly in Manufactured goods classified chiefly by material by QR200m (4.3 percent) and Animal and Vegetable Oils, Fats and Waxes by QR10m (19.0 percent).
During Q4 2020, Asia was the principal destination of Qatar's exports and the first origin of Qatar's imports, representing 80.7 percent and 41.7 percent, respectively, followed by the European Union, accounting for 7.6 percent and 29.9 percent, respectively, and GCC, with 5.8 percent and 3.3 percent, respectively.
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