(MENAFN- The Peninsula)
Deepak John
|
The Peninsula
Doha, Qatar: Asian countries occupied a dominating position in Qatar's exports during the first quarter (Q1) of 2024, with the top four export destinations for Qatari exports coming from Asia.
Qatari exports witnessed consistent growth during the first quarter (January to March) of the current year, with China securing the top spot for Qatari exports' destination, according to the National Planning Council (NPC) data.
Exports from Qatar to China from January to March of the year reached QR20.422bn. South Korea secured the second place with Qatari exports amounting to QR12.71bn in the first quarter and India secured the third place in the ranking as total Qatari exports to the country stood at QR11.586bn in Q1, 2024.
Japan came in fourth place as total exports from Qatar reached QR6.097bn in the first quarter.
During Q1 2024, Asia was the principal destination of Qatar's exports and the first origin of Qatar's imports, representing 81.0 percent and 39.3 percent respectively, followed by GCC, accounting for 8.9 percent and 12.9 percent respectively, and the European Union, with 6.7 percent and 26.8 percent respectively.
The value of Qatar's total exports (including exports of domestic goods and re-exports) amounted to QR87.6bn in Q1 2024, decreased by QR8.3bn (8.6 percent) compared to Q1 2023 which amounted total exports of QR95.9bn. It increased by nearly QR2.8bn (3.3 percent) compared to Q4 2023.
The first quarter 2024 year on year (Y-o-Y) decrease in total exports was mainly due to lower exports of mineral fuels, lubricants and related materials by QR9.1bn (10.9 percent), crude materials, inedible, except fuels by QR0.2bn (44.9 percent), chemicals and related products n.e.s. by QR0.1bn (2.1 percent).
While there was a rise mainly in machinery and transport equipment by QR0.6bn (30.5 percent), and miscellaneous manufactured articles by QR0.5bn (81.4 percent).
Qatar's economic growth is expected to continue in the next few years, reaching almost QR1,366bn by the end of 2028. The real growth rate is expected to average between 2 percent and 3 percent except for 2026 and 2027 which are expected to grow by 6 percent and 14 percent respectively.
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