Qatar Chamber has issued its monthly economic newsletter for July 2020 which highlighted the most prominent trends in the Qatari economy, as well as statistics related to foreign trade and trade of private sector in May 2020.
The report, prepared by QC’s Researches & Studies Department, highlighted the ‘Developing Partnership between Public and Private Sectors’ conference held on July 7 via video conferencing under the patronage of H.E. Minister of Commerce and Industry Ali bin Ahmed Al Kuwari and H.E. Qatar Chamber (QC) Chairman Sheikh Khalifa bin Jassim Al-Thani.
The QC report also included figures from the Planning and Statistics Authority (PSA). Total value of foreign merchandise trade in May reached QR21.2bn, which increased by 9.8 percent from QR19.3bn in April.
This indicated that the state’s foreign trade has grown to its normal level before the pandemic of Covid-19, backed by an increase in the value of exports and imports.
In May 2020, the total exports of goods (including exports of goods of domestic origin and re-exports) reached QR 13.3 billion, an increase of 12.7% compared to QR 11.8 billion in April, while imports during the same month reached about QR 7.9 billion, recording an increase of 5.3% compared to QR 7.5 billion in April.
Therefore, the foreign merchandise trade balance, which represents the difference between total exports and imports, showed a surplus of QR 5.4 billion, recording an increase of 25.5% compared to QR 4.3 billion in April.
In May 2020, South Korea was at the top of the countries of destination of Qatar’s exports with close to QR 2.12 billion, a share of 15.8% of total exports, followed by China with almost QR 1.870 billion and a share of 14.1 %, followed by Japan, India and USA.
With regards to Qatar’s imports according to country of origin in May, the United States was the leading country with about QR 2.12 billion, a share of 26.7% of the total imports amounted to QR 7.9 billion, followed by UK with QR 1.305 billion almost, a share of 16.5%, and China with QR 1.057 billion, a share of 13.4%.
Germany comes in the fourth place with about QR 0.345 billion, a share of 4.4%, followed by Turkey with QR 0.291 billion, a share of 3.6% of the total value.
The report also featured the trade of private sector during May according to the certificate of origin issued by the Chamber.
The private sector’s exports in May increased by 7%, amounted to QR 609.6 million compared to QR 572.2 million in April.
Exports during May through the “GSP” is the largest value, increasing by (126%) than the value of April, followed by exports through GCC model by 18% and the General Model by 6%.
Data included in the report showed that the chemical fertilizers group came first in the private sector exports’ list at QR40 million, recording a sharp increase of 34.000 percent compared to QR 117000 in April.
The second was helium gas & industrial gas group, with exports amounting to QR130m, an increase of 319 percent compared to QR 31mn in April, followed by chemical substances which reached QR 72mn in compared to QR 53mn in April, an increase of 35%.
In the third place, petrochemicals exports, with exports reaching QR 15mn compared to QR 13mn in April.
On the other hand, there are many commodities saw a decrease such as steel exports, which reached QR 165.000 in May compared to QR 10mn in April, a decrease of 98 percent, followed by the paraffin exports, reaching QR 28mn in May compared to QR 48mn in April, a decrease of 40%, followed by essential & industrial oils, amounting to QR 99mn in May compared to QR 128mn in April, a decrease of 23 percent.
In May 2020, India was at the top of the countries of destination of private sector’s exports with close to QR 178mn, a share of 29% of the total exports.
Oman came in the second place with almost QR 98mn and a share of 16 percent, followed by Turkey with about QR 53mn, a share of 9 percent.
UK came in fourth place with almost QR30mn, a share of 5 percent, and Norway with about QR 29mn, a share of 5 percent.