Qatar private sector exports continue to hit record growth, ...| MENAFN.COM

Tuesday, 17 May 2022 04:09 GMT

Qatar private sector exports continue to hit record growth, says Qatar Chamber report

(MENAFN- Gulf Times)

Qatar's private sector exports in October 2021 stood at QR2.3bn, showing a year-on-year (y-o-y) increase of 85% from QR1.24bn, Qatar Chamber's economic newsletter for December stated. This indicates that the national economy recovered from the negative impacts of the Covid-19 pandemic, the chamber stressed in the report.
October's private sector exports also increased by 17.9% compared to QR1.95bn in February 2020, which represents the highest value of exports from the beginning of the pandemic. It jumped by 302% compared to QR572mn in April 2020, which witnessed the lowest value of exports.
The report said private sector exports through the General Model increased by 39.5% month-on-month (m-o-m) and by 98.5% year-on-year (y-o-y). Exports through the GCC Model decreased by 85.7% m-o-m basis and increased by 413% y-o-y.
Similarly, exports through the Unified Arab Model decreased by 65.7% m-o-m and increased 58.4% y-o-y. Exports through the Unified Model to Singapore decreased m-o-m by 44.6% but increased by 200% y-o-y. Also, exports through the GSP decreased by 18.1% m-o-m but increased by 33.5% y-o-y.
Based on the type of commodities, some exports increased, such as steel exports, which increased sharply by 1,946% m-o-m and by 1,746% y-o-y. Industrial gases exports also grew by 659% m-o-m and by 193% y-o-y. Aluminium exports increased by 140% m-o-m and by 106% y-o-y, while paraffin exports grew by 46.4% m-o-m and 811.2% y-o-y. Chemical substances exports increased by 39.2% m-o-m and by 141% y-o-y.
Four other commodities saw a decline in varying proportions, such as essential and industrial oils exports, which decreased by 82.7% m-o-m but increased by 175.2% y-o-y. Lotrene exports also decreased by 40% m-o-m but increased by 25.3% y-o-y. Petrochemicals decreased by 22% m-o-m and by 91.4% y-o-y. Chemical fertilisers exports decreased by 3.5% m-o-m but increased by 240.1% y-o-y.
On economic blocs and groupings, Asian countries were at the top of economic blocs that received exports of the private sector, which amounted to QR1.25bn with a share of 54.2% of the total value, followed by GCC states with a share of 25.6% with exports worth QR588.8mn.
The group of European Union states registered exports totalling QR340.5mn, representing 14.8% of the total value, followed by Arab countries, excluding GCC states, which received QR90.81mn (4% share), and African Countries Group, excluding Arab countries, registered exports worth QR17.3mn (0.75% share).
The US listed exports amounting to QR9.73mn (0.04%), Other American Countries Group (QR3.76mn, 0.16%), Other European Countries (QR1.27mn, 0.06%), and Oceania (QR0.98mn, 0.04%).
In October 2021, Oman was at the top of the countries of destination of private sector exports with close to QR525.5mn (22.9% share of the total exports), followed by India (QR512.6mn, 22.3% share), and China (QR331.1mn, 14.4%), Turkey (QR161.9mn, 7%), and Germany (QR138.1mn, 6%). The value of private sector exports to these countries represented 72.6% of the total value of exports during the same month.


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