Qatar's private sector exports rise 85% in Oct| MENAFN.COM

Thursday, 19 May 2022 02:37 GMT

Qatar's private sector exports rise 85% in Oct


(MENAFN- The Peninsula) The Peninsula

Doha: Qatar's private sector exports in October, as per certificates of origin issued by Qatar Chamber, amounted to QR2.3bn, showing a year-to-year increase of 85 percent compared to QR1.24bn in the same month last year.

This indicates that the national economy recovered from the negative impacts of the COVID-19 pandemic, said Qatar Chamber in its newsletter. 

Qatar Chamber has issued its monthly economic newsletter for December which highlighted the most prominent trends in the Qatari economy. 

The newsletter, prepared by QCs Research & Studies Department, highlighted a report about exports of the private sector in October 2021 and report about the accomplishments made by the Chamber during the past year.

In 2021, the QC continued its efforts to support and develop the business sector in the country and to encourage investment and facilitate its growth. It also kept pace with the achievements of the State and succeeded in proving its role as a representative of the Qatari private sector, and its goal is to work to support, promote, develop, and protect the interests of companies and institutions as the voice of the business community in the country.

In 2021, QC completed more than 56,902 electronic transactions, and issued about 42,321 certificates of origin for exports and 5 ATA Carnets, while the total number of members to about 70,000.

The further Chamber strengthened its digital structure and worked to add further development to the services provided to the business community to facilitate its members and its affiliated companies and institutions, as well as provided all possible means to communicate with them, and complete their transactions with ease and professionalism.

October's private sector exports also increased by 17.9 percent compared to QR1.95bn in February 2020, which represented the highest value of exports from the beginning of the pandemic and grew by 302 percent compared to QR572m in April 2020, which witnessed the lowest value of exports.

The report said that the private sector exports through the General Model increased by 39.5 percent on a monthly basis and by 98.5 percent on a year-to-year basis. 
Otherwise, exports through the GCC Model decreased by 85.7 percent on a month-on-month basis, while they increased by 413 percent on y-to-y basis. Similarly, exports though the Unified Arab Model decreased by 65.7 percent on a m-to-m basis, and an increase of 58.4 percent on a y-to-y basis.

Exports through the Unified Model to Singapore decreased on a m-to-m basis by 44.6, while they increased by 200 percent on a y-to-y basis. 

Also, exports through the GSP decreased by 18.1 percent on a m-to-m basis, while they increased by 33.5 percent on a y-to-y basis. 

According to the type of commodities, some exports saw an increase such as Steel exports which increased sharply by 1946 percent on a month-to-month basis and by 1746 percent on a year-to-year basis.

Exports of Industrial Gases increased sharply by 659 percent on a month-to-month basis and by 193 percent on a year-to-year basis.

Aluminum exports also increased by 140 on a month-to-month basis, and by 106 percent on a year-to-year basis, while Paraffin exports grew by 46.4 percent on a month-to-month basis and 811.2 percent on a year-to-year basis.

Chemical substances exports increased by 39.2 percent on a month-to-month basis and by 141 percent on a year-to-year basis.

As for economic blocs and groupings, Asian countries were at the top of economic blocs that received exports of private sector amounted to QR1.25bn with a share of 54.2 percent of the total value, followed by GCC states with a share of 25.6 percent with exports of QR588.8m.

In third place came the group of EU states, with exports totaling QR340.5m representing 14.8 percent of the total value, followed by Arab countries excluding Arab countries excluding GCC states that received 90.81m, a share of 4 percent and African Countries Group excluding Arab countries with exports amounted to QR17.3m, or a share of 0.75 percent of the total exports.

USA came in the sixth place with exports amounted to 9.73m, or a share of 0.04 percent, followed by Other American Countries Group which received exports worth of QR3.76m, or a share of 0.16 percent, Other European Countries which received exports worth of QR1.27m, or a share of 0.06 percent and Oceania which received exports worth of QR0.98m, or a share of 0. 04 percent.

In October 2021, Oman was at the top of the countries of destination of private sector exports with close to QR525.5m, a share of 22.9 percent of the total exports. It is followed by India with almost QR512.6m and a share of 22.3 percent and China with about QR331.1m, a share of 14.4 percent. 

Turkey came in fourth place with almost QR161.9m, a share of 7 percent and Germany with exports amounted to about QR138.1m, a share of 6 percent. The value of private sector exports to these countries represented 72.6 percent of the total value of exports during the same month.

 

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