Data from the Planning and Statistics Authority indicates that in the first quarter, Qatar’s total exports increased by 3.3% to 87.6 billion Qatari riyals ($24.08 billion).
The study emphasized notable expansion in several export industries. Chemical and associated product exports reached 6.7 billion riyals, a 13.2% quarter-over-quarter increase. Similarly, compared to the same period last year, export shipments of various manufactured items increased significantly by 89.2 percent to 1.1 billion riyals. In addition, food and live animal exports increased dramatically by 136.2 percent from quarter to quarter in the first quarter of this year, totaling 137 million riyals.
Notwithstanding these encouraging indications, Qatar’s total exports fell 8.6% in the first quarter of this year when compared to the 95.9 billion riyals exported during the same period last year. This loss was ascribed to a 10.9 percent year-over-year dip in the export of mineral fuels, lubricants, and associated products. Additionally, chemical and related product exports declined by 2.1 percent compared to the first quarter of 2023.
On the other hand, there were significant gains in the exports of machinery and transport equipment, which increased by 30.5 percent, and in the outbound shipments of other manufactured items, which increased by 81.4 percent.
With 81 percent of all outbound shipments from Qatar in the first quarter, Asia emerged as the country’s top export destination. Asia was followed by the EU and the Gulf Cooperation Council, whose export percentages were 6.7% and 8.9%, respectively.
In the meantime, Qatar’s total imports reached 34.4 billion riyals in the first quarter, up 25.4%. With 39.3% and 12.9%, respectively, of total imports, Asia and the GCC continued to be Qatar’s top import markets.
Also Read:
UAE and India Military Firms Reach Comprehensive Cooperation Agreement
Remittances to Saudi Arabia Rise by 14% as a Result of the Digital Revolution
