Private Sector Exports – Second Quarter (Q2) (April-June 2024)

Private Sector Exports Quarterly Report

Second Quarter (April-June 2024)

(A) Analysis of Private Sector Exports in Q2/2024 and comparison on quarterly and yearly basis:

The total value of the private sector exports (according to the certificate of origin issued by the Qatar Chamber) during the second quarter of this year (Q2/2024) amounted to QR 2,622.86 million, representing a slight increase of 3.6 percent compared to QR 2,534.42 million in Q1/2024.

On a yearly basis, it decreases by 57 percent compared to QR 6,106.34 million in Q2/2023.

Data from Q2/2023 to Q2/2024, as shown in Table (1) and Graph (1) below, indicates that the value of exports consecutively in Q1 and Q2/2024 after a decline recorded in Q3 and Q4/2023

(B) Analysis of Private Sector Exports by Certificate of Origin Model in Q2/2024

Table (2) Analysis by the model of Certificate of Origin (Q2/2024 compared with Q1/2024 and Q2/2023):

Value in million QR riyals

* Comparing data of Q2/ 2024 with Q2/ 2023 (On an annualized basis)

**Comparing data of Q2/2024 with Q1/2024 (On a quarterly basis)

Graph (2) Exports by Type of Certificate

Data of Table (2) and Graph (2) indicate that the growth of the total value of the private sector exports during Q2/2024 according to the type of certificates of origin issued by the Chamber was due to the increase in exports through the General Model and the Unified GCC Model, while exports through the Unified Arab showed a decrease compared to Q1/2024.

In Q2/2024, exports through the General Model rose by 2.2 percent (from QR 2,003.26 to QR 2,046.81 million). Similarly, exports through the Unified GCC Model increased by 15.3 percent (from QR 438.29 to QR 505.48 million). On the other hand, exports through the Unified Arab Model decreased by 24 percent (from QR 92.87 to QR 70.57 million).

On a quarterly basis, exports through all models showed decrease. Exports through the General Model decreased by 50.26 percent (from QR 4,114.80 to QR 2,046.81 million). Similarly, exports through the Unified GCC Model declined by 57.88 percent (from QR 1,200.14 to QR 505.48 million), the Unified Arab Model declines by 80.92 percent from (QR 369.95 to 70.57 million).

No exports were registered through the rest of other models during Q2/2024 as in Q1/2024.

 

(C) Analysis of the Private Sector Exports by the Type of Commodities in Q2/2024: -

Table (3) Exports as per the most important commodities in Q2/2024 compared to Q1/2024 & Q2/2023:

(Value in Million Qatari Riyals)

* Comparing data of Q1/ 2024 with Q1/ 2023 (On an annual basis)

**Comparing data of Q2/2024 with Q1/2024 (On a quarterly basis)

Graph (3) Private sector exports as per the most important commodities in Q2/2024 in comparison with previous and corresponding quarters:

Graph (4) The Relative Weight of the Most Significant Commodities Exported by the Private Sector in Q2/2024:

On a yearly basis, data show that private sector exports, categorized by the type of commodities exported, decreased in Q2/2024 compared to Q2/2023. Steel and Chemical Fertilizers are the only two commodities that showed an increase in exports.

On a quarterly basis, three commodities registered an increase which are Essential & Industrial oils, Paraffin and Chemical Fertilizers.

The following is a review of the commodities listed in order (according to the highest value in Q2/2024):

  1. Fuel: In Q2/2024, the value of exports of this commodity amounted to QR 435.02 million, showing a decrease of 74.6 percent on a yearly basis compared to its value in Q2/2023, which amounted to QR 1,713.54 million. On a quarterly basis, they also decreased by 17.7 percent compared to QR 528.69 million in Q1/2024.
  2. Essential and Industrial Oils: In Q2/2024, this commodity’s exports amounted to QR 427.67 million, with a y-on-y 9 percent increase, compared to the same period of the previous year which amounted to QR 392.25 million. Quarterly, it decreased by 82.4 percent, compared to QR 2,431.68 million in Q2/2023.
  3. Aluminum: The value of exports of this commodity in Q2/2024 decreased by 57.2 percent on a y-on-y basis, reaching QR 302.25 million, compared to QR 706.71 million in Q2/2023. On a quarterly basis, they also declined by 31 percent compared to its value in Q1/2024, which amounted to QR 438.128 million.
  4. Steel: The value of steel exports amounted to QR 218.18 million, showing a y-on-y sharp increase by 385.7 percent compared to QR 44.92 million in Q2/2023, while they decreased quarterly by 20.8 percent compared to QR 275.32 million in Q1/2024.
  5. Industrial Gases: The value of exports of this commodity amounted to QR 200.32 million, recording a decline of 19.1 percent on a yearly basis, compared to its value during Q2/2023, which amounted to about QR 252.38 million.
    On a quarterly basis, exports of this commodity also decreased by 20.6 percent compared to QR 250.03 million in Q1/2024.
  6. Chemical Substances: The value of this commodity amounted to QR 90.11 million in Q2/2024, recording a 35.9 y-on-y decrease compared to QR 140.52 million in the same period of the previous year. They also decreased on a quarterly basis by 3.4 percent compared to its value in Q1/2024, which amounted to QR 93.30 million.
  7. Petrochemicals: Exports of this commodity amounted to QR 52.93 million, showing a decrease of 43 percent compared to its value Q2/2023, which amounted to QR 92.86 million.
    On a quarterly basis, they also decreased by 41.7 percent compared to its value in Q1/2024, which amounted to QR 90.86 million.
  8. Lotrene: The value of exports of this commodity in Q2/2024 amounted to QR 42 million, registering a decrease of 30.5 percent y-on-y compared to its value during the same period of the previous year, which amounted to QR 63.94 million.
    On a quarterly basis, they also declined by 66.1 percent compared to QR 131.19 million in Q1/2024.
  9. Paraffin: The value of exports of this commodity in Q2/2024 amounted to QR 29.49 million, a decrease of 73.6 percent on a yearly basis, compared to its value during the same period of the previous year, which amounted to about QR 111.88 million.
    Quarterly, they increased by 4.9 percent compared to QR 28.12 million in Q4/2023.
  10. Chemical Fertilizers: Exports of the chemical fertilizers in Q2/2024 amounted to QR 339.45 million, an increase on a yearly basis by 813.1 percent compared to QR 37.17 million in Q2/2023.
    On a quarterly basis, they sharply increased by 3139 percent compared to QR 10.48 million in Q1/2024.

These ten commodities exported by the private sector represent 81.6 percent of the total value of private export exports, according to the certificates of origin issued by the Qatar Chamber during Q2/2024, which amounted to QR 2,139.83 million, registering a 61.8 percent y-on-y decline compared Q2/2023, which amounted to QR 5,595.60 million and a 4.4 quarter-on-quarter decline compared to QR 2,238.35 million in Q1/2024.

(E) Destinations of Private Sector Exports in Terms of Economic Blocs in Q2/2024:

As for economic blocs and groupings, the Asian countries (excluding GCC and Arab countries) were at the top of economic blocs that received exports of private sector during Q2/2024 which amounted to QR 1,196.27 million with a share of 45.6 percent of the total exports, followed by GCC countries which received exports amounted to QR 625.62 million or a share of 23.9 percent of the total value.

In third place came the group of European Union, with exports totaling QR 543.43 million representing 20.7 percent of the total value, followed by Arab countries excluding Arab countries excluding GCC states that received QR 145.96 million, a share of 5.6 percent and the Other European countries with exports amounted to QR 76.82 million, or a share of 2.9 percent of the total exports.

The group of African countries came in the sixth place, which received 0.8 percent of the total exports, with a value of QR 21.06 million, followed by the US which received exports estimated at QR 6.75 million or a share of 0.3 percent, and Other American countries with a value of QR 0.2 percent of QR 5.43 million.

Then came the grouping of Oceania countries, with exports amounting to QR 1.53 million, equivalent to 0.06 percent of the total exports.

The number of countries receiving Qatari exports in Q2/2024 was 105 countries in the above economic groupings. The African grouping came to the forefront with 27 countries. Asia came then with 23 countries, followed by Other American countries with 14 countries, Arab countries excluding GCC states with 13 countries, the European Union with 12 countries, other European countries with 9 countries, the GCC with 5 countries, the United States of America and one country (Australia) in the Oceania grouping.

Table (4) Destinations of private sector exports as per economic blocs in Q2/2024

Graph (5) Percentages of Private Sector Exports by Groupings and Economic Blocs Q2/ 2024

(F) Private Sector Exports as per Major Destinations during Q2/2024:

In Q2/2024, India was at the top of the countries of destination of private sector exports with close to QR 475.55 million, a share of 18.1 percent of the total exports.

It is followed by Netherlands with almost QR 354.51 million and a share of 13.6 percent and UAE with about QR 251.55 million, a share of 9.6 percent.

China came in fourth place with almost QR 219.24 million, a share of 8.7 percent and China with exports amounted to about QR 241.60 million, a share of 9.2 percent.

Oman came in the fifth place which received exports amounting to QR 163.41 million, a share of 6.2 percent, followed by KSA with almost QR 130.94 million, a share of 5 percent, Germany with QR 109.72 million, a share of 4.2 percent, Bangladesh with almost QR 102.98 million or 3.9 percent, Morocco with exports amounting to QR 84.77 million or a share of 3.2 percent and Turkey with QR 82.23 million or a share of 3.1 percent of the total value.

Together, these ten countries accounted for 76 percent and a value of QR 1,997.25 million of private sector exports according to the certificate of origin in Q2/2024, totaling around QR 2,622.86 million.

Table (5) The Most Important Trading Partners at The Level of Private Sector Exports in Q2/2024

Back to top button