(MENAFN- The Peninsula)
By Sachin Kumar | The Peninsula
Doha: The total trade between Qatar and the United States of America has reached around $810m in the first quarter of the current year. Qatar imported goods worth around $432.9m from the US while exported goods worth around $377.1m in the first quarter of 2021, according to the data posted on US government website.
Qatar and the United States have a close and collaborative relationship and extensive economic ties are a foundational part of that partnership.
The bilateral trade between the countries has increased in the first three months of this year. During the first month of the year, the US exported goods worth $154.7m and imported goods worth $121.1m, showing a total trade of $276m, according to the official data.
In February, the bilateral trade between the countries was $222m, with US exported goods worth $119.5m to Qatar while imported goods worth $102.2m during the month. In March, the last month of this quarter, US exported goods worth $158.6m to Qatar while imported goods worth $153.8m, showing bilateral trade of $312.4m.
According to the data released by the Planning and Statistics Authority, the trade volume between Qatar and US was QR4.39bn in the fourth quarter of 2020. Qatar imported goods worth QR3.43bn from US during the last three months of 2020 while exported goods worth QR967m during the period.
More and more American companies are entering the Qatari market and Qatar-US trade is growing exponentially every year. The total value of goods exchanged between the two countries during 2020 was $4.6bn in 2020.
The total value of goods exchanged between the two countries during 2019 jumped to nearly QR30bn ($8.15bn), registering a double-digit growth of 36 percent (year-on-year) compared to QR21.84bn ($5.99bn) in 2018, according to the data from US government website.
The bilateral trade and economic cooperation is expected to reach new highs with a significant jump in trade volumes in the coming years as both sides are working very closely and aggressively to expand and deepen the relationship in new areas, including more cooperation in small and medium-sized enterprises (SMEs) sector.
Qatar has invested more than $200bn in the US economy, and the United States has been an integral investor in Qatar and Qatar’s development.
Qatar and the US are constantly seeking to expand bilateral trade and investment and more than 850 US companies now operate in Qatar in a variety of key industries.
The United States is a leading equipment supplier and partner for Qatar’s oil and gas industry, and US companies have played a significant role in the development of the oil and gas sector. In addition to energy, US companies also performed well in export sales to Qatar’s defense, aviation, ICT, healthcare, food, engineering and construction sectors. US imports from Qatar include liquefied natural gas, aluminum, fertilizers, and sulfur.
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