Private Sector Exports – Third Quarter (Q3) (July-September 2024)

Private Sector Exports Quarterly Report

Third Quarter (Q3) (July-September 2024)

(A) Analysis of Private Sector Exports in Q3/2024 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 third quarter of this year (Q3/2024) amounted to QR 2,557.81 million, representing a slight decrease of 2.5 percent compared to QR 2,622.86 million in Q2/2024.

On a yearly basis, it also decreased by 24.7 percent compared to QR 3,397.40 million in Q3/2023.

Data from Q3 2023 to Q3 2024, as shown in Table 1 and Graph 1 below, indicate that the value of exports slightly declined in Q3 2024 after registering a growth in Q2 2024, following declines during Q3 and Q4 of the previous year, 2023.

Table (1): Development of Exports on a quarterly basis from Q3/ 2023 to Q3/ 2024:

(B) Analysis of Private Sector Exports by Certificate of Origin Model in Q3/2024

The growth of the total value of the private sector exports according to the certificate of origin models issued by the Chamber during Q3/2024 and comparing them with the export values during the corresponding quarter (Q3/2023) and the previous quarter (Q2/2024) was due to the increase in exports through the General Model by 1.3 percent (From QR 2,46.81 to  QR 2,072.74 million) and the Arab Model by 17.1 percent (From QR 70.57 to 82.66 million).

On the other hand, exports through the Unified GCC Model showed a decrease of 20.4 percent (From QR 505.48 to 402.41 million).

 

On a quarterly basis, exports through all models showed a decrease. Exports through the General Model decreased by 8.20 percent (from QR 2,257.93 to QR 2,072.74 million). Similarly, exports through the Unified GCC Model declined by 34.11 percent (from QR 610 to QR 402.41 million), the Unified Arab Model declined by 78.33 percent from (QR 381.41 to 82.66 million).

No exports were registered through the rest of other models during Q3/2024 as in Q2/2024.

Table (2) Analysis by the model of Certificate of Origin (Q3/2024 compared with Q2/2024 and Q3/2023):

Value in million QR riyals

* Comparing data of Q3/ 2024 with Q3/ 2023 (On an annualized basis)

**Comparing data of Q3/2024 with Q2/2024 (On a quarterly basis)

Graph (2) Exports by Type of Certificate:

(C) Analysis of the Private Sector Exports by the Type of Commodities in Q3/2024: -

Table (3) Exports as per the most important commodities in Q3/2024 compared to Q2/2024 & Q3/2023:

(Value in Million Qatari Riyals)

* Comparing data of Q3/ 2024 with Q3/ 2023 (On an annual basis)

**Comparing data of Q3/2024 with Q2/2024 (On a quarterly basis)

Graph (3) Private sector exports as per the most important commodities in Q3/2024 in comparison with previous and corresponding quarters:

Graph (4) The Relative Weight of the Most Significant Commodities Exported by the Private Sector in Q3/2024:

On a yearly basis, data show that private sector exports, categorized by commodity type, decreased in Q3 2024 compared to Q3 2023, except for four commodities—Steel, Chemical Fertilizers, Chemical Substances, and Petrochemicals—which recorded an increase in exports.

On a quarterly basis, six commodities—Fuel, Aluminum, Industrial Gases, Petrochemicals, and Paraffin—registered an increase.

The following is a review of the commodities listed in order (according to the highest value in Q3/2024):

  1. Fuel: In Q3/2024, the value of exports of this commodity amounted to QR 646.24 million, showing a decrease of 18.2 percent on a yearly basis compared to its value in Q3/2023, which amounted to QR 790.44 million. On a quarterly basis, they increased by 48.6 percent compared to QR 435.02 million in Q2/2024.
  2. Aluminum: The value of exports of this commodity in Q3/2024 decreased by 33.4 percent on a y-on-y basis, reaching QR 496.37 million, compared to QR 745.01 million in Q3/2023.

On a quarterly basis, they rose by 64.2 percent compared to its value in Q2/2024, which amounted to QR 302.25 million.

  1. Essential and Industrial Oils: In Q3/2024, this commodity’s exports amounted to QR 303.04 million, with a y-on-y increase by 60.4 percent, compared to the same period of the previous year which amounted to QR 765.09 million. Quarterly, it decreased by 29.1 percent, compared to QR 427.67 million in Q3/2023.
  1. Steel: The value of steel exports amounted to QR 214.10 million, showing a y-on-y increase by 84.4 percent compared to QR 116.09 million in Q3/2023, while they decreased quarterly by 1.9 percent compared to QR 218.18 million in Q2/2024.
  2. Industrial Gases: The value of exports of this commodity amounted to QR 207.47 million, recording a decline of 3 percent on a yearly basis, compared to its value during Q3/2023, which amounted to about QR 213.88 million.
    On a quarterly basis, exports of this commodity also increased by 3.6 percent compared to QR 200.32 million in Q2/2024.
  1. Chemical Fertilizers: Exports of the chemical fertilizers in Q3/2024 amounted to QR 201.18 million, an increase on a yearly basis by 7.2 percent compared to QR 187.67 million in Q3/2023.
    On a quarterly basis, they decreased by 40.7 percent compared to QR 339.45 million in Q2/2024.
  1. Chemical Substances: The value of this commodity amounted to QR 131.36 million in Q3/2024, recording a y-on-y increase by 8.6 percent compared to QR 121.09 million in the same period of the previous year. They also increased on a quarterly basis by 45.8 percent compared to its value in Q2/2024, which amounted to QR 90.11 million.
  1. Petrochemicals: Exports of this commodity amounted to QR 111.92 million, showing an increase of 168.9 percent compared to its value Q3/2023, which amounted to QR 41.61 million.
    On a quarterly basis, they also increased by 111.5 percent compared to its value in Q2/2024, which amounted to QR 52.93 million.
  1. Paraffin: The value of exports of this commodity in Q3/2024 amounted to QR 55.62 million, a decrease of 17 percent on a yearly basis, compared to its value during the same period of the previous year, which amounted to about QR 67.01 million.
    Quarterly, they increased by 88.7 percent compared to QR 29.49 million in Q2/2024.
  1. Lotrene: The value of exports of this commodity in Q3/2024 amounted to QR 2.28 million, registering a y-on-y decrease of 95.8 percent compared to its value during Q3/2023, which amounted to QR 63.94 million.
    On a quarterly basis, they also declined by 94.9 percent compared to QR 44.42 million in Q2/2024.

These ten commodities exported by the private sector represent 92.6 percent of the total value of private export exports, according to the certificates of origin issued by the Qatar Chamber during Q3/2024, which amounted to QR 2,369.60 million, registering a 23.6 percent y-on-y decline compared Q3/2023, which amounted to QR 3,102.35 million and a 10.7 quarter-on-quarter decline compared to QR 2,139.83 million in Q2/2024.

(D) Destinations of Exports and Primitive Weight in Terms of the Regions and Economic Blocs in Q3/2024:

Based on data of private sector exports during the Q3/2024, we review here the destinations and relative weights of exports of major commodities by the nine receiving regions and economic blocs.

  1. Fuel: Fuel exports are concentrated in just two economic regions: the European Union and the GCC countries. European Union countries accounted for the largest share of exports of this commodity at 62 %, followed by GCC countries at 38 %.
  1. Aluminum: Exports of this commodity are distributed to nine economic blocs. Asian countries accounted for the largest share at 79.1%, followed by GCC countries at 10.6%, Arab countries at 6.6%, and the European Union at 2.6%, with smaller shares going to the remaining blocs.
  1. Essential Gases: Exports of this commodity are distributed to five economic blocs. Asian countries accounted for the largest share at 43.7%, followed by the European Union at 43.6%, and Other European counties at 11%, African counties at 1.6%, with smaller shares going to Arab countries.
  1. Steel: Exports of this commodity are distributed to all economic blocs. The GCC Countries accounted for the largest share at 59.7%, followed by Asian countries at 38.4%, and Arab countries at 1.44%, with smaller shares going to the remaining blocs.
  1. Industrial Gases: Exports of this commodity are distributed to seven economic blocs. The Asian Countries accounted for the largest share at 66.6%, followed by the European Union at 22.2%, GCC countries at 7.2%, Oceania at 2.3%, and Arab countries at 1%, with smaller shares going to the African, and Other European counties. 
  1. Chemical Fertilizers: Exports of this commodity are distributed to two economic blocs. Asian countries topped the list with share of 68%, followed by Arab countries of 32%.
  1. Chemical Substances: Exports of this commodity are distributed across all economic blocs. GCC countries accounted for the largest share at 47%, followed by Asian countries at 27%, African countries at 12%, Other European counties at 7.23%, Arab countries at 5%, and the EU at 2.42%, with smaller shares going to other blocs.
  1. Petrochemicals: Exports of this commodity are distributed across all economic blocs. Asian countries accounted for the largest share at 32%, followed by Arab countries at 31%, GCC countries at 30%, the EU at 5%, Other European countries at 2%, with smaller shares going to and Other American and African countries.
  1. Paraffin: Exports of this commodity are distributed to all economic blocs. The European Union topped the list with share of 52.3%, followed by Asian Union of 41.5%, and Arab countries of 5.6%, and GCC countries at 0.6%.
  2. Lotrene: Exports of this commodity are distributed to one economic bloc which is the Arab countries.

(E) Destinations of Private Sector Exports in Terms of Economic Blocs in Q3/2024:

Regarding economic blocs and groupings, Asian countries (excluding GCC and Arab countries) ranked first among recipients of private sector exports during Q3 2024, with a value of QR 1,024.77 million, accounting for 40.06 percent of the total exports. They were followed by GCC countries, which received QR 657.55 million, representing 25.71 percent of the total.

In third place was the European Union, with exports totalling QR 631.66 million, or 24.70 percent of the total value. Next were Arab countries (excluding GCC states), which received QR 160.35 million, a share of 6.27 percent, and Other European countries, with exports of QR 47.82 million, or 1.87 percent.

The African group ranked sixth, receiving QR 23.17 million, equivalent to 0.91 percent of the total exports. This was followed by Oceania, with exports amounting to QR 5.18 million (0.2 percent), Other American countries, with QR 4.89 million (0.19 percent), and the United States, which received QR 2.41 million, or 0.09 percent of the total value.

In Q3 2024, Qatari exports reached 101 countries across the mentioned economic groupings. The African group included 27 countries, followed by Asia with 23 countries, Other American countries with 17, Arab countries (excluding GCC states) with 14, Other European countries with 7, the GCC with 5, Oceania with 2, and the US.

Table (4) Destinations of private sector exports as per economic blocs in Q3/2024

Graph (5) Percentages of Private Sector Exports by Groupings and Economic Blocs Q3/ 2024

(F) Sector Exports as per Major Destinations during Q3/2024:

In Q3/2024, India was at the top of the countries of destination of private sector exports with close to QR 442.11 million, a share of 17.3 percent of the total exports.

It is followed by Netherlands with almost QR 375.31 million and a share of 14.7 percent and UAE with about QR 280.34 million, a share of 11 percent.

China came in fourth place with almost QR 189.63 million, a share of 7.4 percent.

KSA came in the fifth place which received exports amounting to QR 156.52 million, a share of 6.1 percent, followed by Oman with almost QR 148.16 million, a share of 5.8 percent, Bangladesh with QR 108.32 million, a share of 4.2 percent, Germany with almost QR 104.60 million or 4.1 percent, Morocco with exports amounting to QR 100.13 million or a share of 3.9 percent and Turkey with QR 91.24 million or a share of 3.6 percent of the total value.

Together, these ten countries accounted for 78 percent and a value of QR 1,997.25 million of private sector exports according to the certificate of origin in Q3/2024, totaling around QR 2,557.81 million.

Table (5) The Most Important Trading Partners at The Level of Private Sector Exports in Q3/2024

Graph (6) The Most Significant Trading Partners at the Level of Private Sector Exports during Q3/2024

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