Qatar's exports surge by 3.3 percent to reach USD24B in January-March 2024

2024-06-13 03:32:56

(MENAFN) In the first quarter, Qatar's overall exports displayed resilience, registering a notable 3.3 percent increase, reaching 87.6 billion Qatari riyals (USD24.08 billion), according to official data from the Planning and Statistics Authority. The report highlighted significant growth in specific export sectors, signaling positive developments in the country's economic landscape.

Notably, exports of chemicals and related products experienced a robust quarter-on-quarter surge of 13.2 percent, reaching 6.7 billion riyals. Similarly, outbound shipments of miscellaneous manufactured articles saw a remarkable increase of 89.2 percent, totaling 1.1 billion riyals compared to the corresponding period in the previous year. Additionally, exports of food and live animals witnessed an impressive quarter-on-quarter growth of 136.2 percent, amounting to 137 million riyals in the first quarter of this year.

However, despite these encouraging trends, Qatar's overall exports experienced an 8.6 percent decline in the first quarter compared to the same period of the previous year, when it totaled 95.9 billion riyals. This decline was primarily attributed to a decrease in overseas shipments of mineral fuels, lubricants, and related materials, which dropped by 10.9 percent year on year. Furthermore, exports of chemicals and related products also witnessed a modest decline of 2.1 percent compared to the first quarter of 2023.

Conversely, there were notable increases in exports of machinery and transport equipment, which surged by 30.5 percent, indicating positive momentum in these sectors. Additionally, outbound shipments of miscellaneous manufactured articles recorded a substantial rise of 81.4 percent, further contributing to Qatar's export growth in the first quarter.

Overall, while certain sectors experienced declines, Qatar's export performance in specific industries underscores the resilience and diversification of its economy, signaling opportunities for sustained growth and development in the coming quarters.

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