Private Sector Exports – Fourth Quarter (Q4) (October-December 2024)

Private Sector Exports Quarterly Report

Fourth Quarter (Q4) (October-December 2024)

(A) Analysis of private sector exports in Q4/2024 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 fourth quarter of this year (Q4/2024) amounted to QR 4,483.09 million, representing a growth of 68 percent compared to QR 2,661.12 million in Q4/2023.

On a quarterly basis, it also grew by 75 percent compared to QR 2,557.81 million in Q3/2024.

Data from Q4/2023 to Q4/2024, as shown in Table (1) and Graph (1) below, indicates that the value of exports witnessed relative stability during the previous four quarters with an average value of (QR2.6 billion) before increasing in this quarter (Q4/2024).

Table (1): Development of Exports on a quarterly basis from Q4/ 2023 to Q4/ 2024:

(B) Analysis of Private Sector Exports by Certificate of Origin Model in Q4/2024:

The growth of the total value of the private sector exports according to the certificate of origin models issued by the Chamber during Q4/2024 and comparing them with the export values during the corresponding quarter (Q4/2023) and the previous quarter (Q3/2024) was due to the increase in exports through all models on comparing with the corresponding quarter.

Exports through the General Model in Q4/2024 amounted to QR 3,440.62 million, marking a 66 % increase compared to QR 2,060.36 million in Q4/2023 and a 66% rise compared to QR 2,072.74 million in Q3/2024.

Similarly, exports through the Unified GCC Model reached QR 838.10 million, reflecting a 108.3% increase compared to QR 398.01 million in Q4/2023 and a 110.57% rise compared to QR 402.41 million in Q3/2024.

Exports through the Unified Arab Model exceeded QR 174.23 million, marking a 14% decline compared to QR 202.76 million in Q4/2023, while registering a 110.8% increase compared to QR 82.66 million in Q3/2024.

Exports through the Singapore Model reached QR 30 million, while no exports were recorded during the corresponding quarter (Q4/2023) or the previous quarter (Q3/2024).

Table (2) Analysis by the model of Certificate of Origin (Q4/2024 compared with Q3/2024 and Q4/2023):

Value in million QR riyals

* Comparing data of Q4/ 2024 with Q4/ 2023 (On an annualized basis)

**Comparing data of Q4/2024 with Q3/2024 (On a quarterly basis)

Graph (2) Exports by Type of Certificate:

(C) Analysis of the Private Sector Exports by the Type of Commodities in Q4/2024: -

Table (3) Exports as per the most important commodities in Q4/2024 compared to Q3/2024 & Q4/2023:

(Value in Million Qatari Riyals)

* Comparing data of Q4/ 2024 with Q4/ 2023 (On an annualized basis)

**Comparing data of Q4/2024 with Q3/2024 (On a quarterly basis)

Graph (3) Private sector exports as per the most important commodities in Q4/2024 in comparison with previous and corresponding quarters:

On a yearly basis, data show that private sector exports, categorized by commodity type, surged in Q4/2024 compared to Q4/2023, except for two commodities—Fuel Products, and Essential & Industrial Oils—which recorded decline in exports.

On a quarterly basis, we also find that most commodities have increased their export values except for four commodities —Fuel Products, Essential & Industrial Oils, Industrial Gases and Paraffin.

 

The following is a review of the commodities listed in order (according to the highest value in Q4/2024):

  1. Chemical Fertilizers: Exports of the chemical fertilizers in Q4/2024 amounted to QR 1,579.17 million, registering a sharp increase on a yearly basis by 389.6 percent compared to QR 329.3 million in Q4/2023.
    On a quarterly basis, they also sharply increased by 685 percent compared to QR 201.18 million in Q3/2024.
  1. Aluminum Products: The value of exports of this commodity in Q4/2024 decreased by 6.1 percent on a y-on-y basis, reaching QR 519.53 million, compared to QR 489.78 million in Q4/2023.
    On a quarterly basis, they rose by 4.7 percent compared to its value in Q3/2024, which amounted to QR 496.37 million.
  1. Chemical Substances: The value of this commodity amounted to QR 424.69 million in Q4/2024, recording a y-on-y increase by 233.7 percent compared to QR 127.26 million in the same period of the previous year. They also increased on a quarterly basis by 223.3 percent compared to its value in Q3/2024, which amounted to QR 131.36 million.
  2. Fuel Products: In Q4/2024, the value of exports of this commodity amounted to QR 381.3 million, showing a decrease of 21.6 percent on a yearly basis compared to its value in Q4/2023, which amounted to QR 486.65 million. On a quarterly basis, they also decreased by 41 percent compared to QR 646.24 million in Q3/2024.
  3. Lotrene: The value of exports of this commodity in Q4/2024 amounted to QR 341.22 million, registering a y-on-y sharp increase of 20,455 percent compared to its value during Q4/2023, which amounted to QR 2 million.
    On a quarterly basis, they also sharply surged by 14,860.9 percent compared to QR 2.28 million in Q3/2024.
  1. Essential and Industrial Oils: In Q4/2024, this commodity’s exports amounted to QR 254.12 million, with a y-on-y decrease by 43.9 percent, compared to Q4/2023 which amounted to QR 453.01 million. Quarterly, it decreased by 16.1 percent, compared to QR 303.04 million in Q3/2024.
  2. Steel: The value of steel exports amounted to QR 251.37 million, showing a y-on-y increase by 72.9 percent compared to QR145.39 million in Q4/2023, while they increased quarterly by 17.4 percent compared to QR 214.10 million in Q3/2024.
  3. Industrial Gases: The value of exports of this commodity amounted to QR 205.55 million, recording an increase of 2.9 percent on a yearly basis, compared to its value during Q4/2023, which amounted to about QR 199.69 million. On a quarterly basis, exports of this commodity decreased by 0.9 percent compared to QR 207.47 million in Q3/2024.
  4. Petrochemicals: Exports of this commodity amounted to QR 120.64 million, showing an increase of 11.9 percent compared to its value Q3/2024, which amounted to QR 107.79 million.
    On a quarterly basis, they also increased by 7.8 percent compared to its value in Q3/2024, which amounted to QR 111.92 million.
  1. Paraffin: The value of exports of this commodity in Q4/2024 amounted to QR 25.34 million, an increase of 156.8 percent on a yearly basis, compared to its value during Q4/2023, which amounted to about QR 9.87 million.

Quarterly, they decreased by 54.5 percent compared to QR 55.64 million in Q3/2024.

These ten commodities exported by the private sector represent 91.5 percent of the total value of private export exports, according to the certificates of origin issued by the Qatar Chamber during Q4/2024, which amounted to QR 4,102.94 million, registering a 74.6 percent y-on-y increase compared Q4/2023, which amounted to QR 3,350.39 million and a 73.1 quarter-on-quarter surge compared to QR 2,369.60 million in Q3/2024.

Graph (4) The Relative Weight of the Most Significant Commodities Exported by the Private Sector in Q4/2024:

(D) Destinations of Exports and Primitive Weight in Terms of the Regions and Economic Blocs in Q4/2024:

Based on data of private sector exports during the Q4/2024, we review here the destinations and relative weights of exports of major commodities by the nine receiving regions and economic blocs.

  1. Chemical Fertilizers: Exports of this commodity are distributed to four economic blocs. Asian countries topped the list with share of 90.9%, followed by Arab countries of 9.1%, with smaller shares to Oceana and EU.
  2. Aluminum Products: Exports of this commodity are distributed across all nine economic blocs. Asian countries accounted for the largest share at 80.3%, followed by GCC countries at 10.2%, Arab countries at 7.3 %, with smaller shares going to the remaining blocs.
  3. Chemical Substances: Exports of this commodity are distributed across all economic blocs. GCC countries accounted for the largest share at 85%, followed by Asian countries at 9%, African countries at 3%, Other European counties at 1%, with smaller shares going to other blocs.
  4. Fuel Products: Fuel exports are concentrated in four economic regions. European Union countries accounted for the largest share of exports of this commodity at 46.9 %, followed by GCC countries at 34.8%, Asian countries at 16.89% and African Countries at 1.5%.
  5. Lotrene: Exports of this commodity are distributed in five economic blocs. Oceane countries accounted for the largest share of exports of this commodity at 46.9 %, followed by Arab countries at 15%, GCC countries at 3.8%, with smaller shares to the EU and Other European countries.
  6. Essential and Industrial Oils: Exports of this commodity are distributed to five economic blocs. Asian countries accounted for the largest share at 52.4%, followed by Asian countries at 44.1%, and African countries at 1.8%, GCC at 1.5% and Arab countries at 0.14%.
  7. Steel: Exports of this commodity are distributed to eight economic blocs. The GCC Countries accounted for the largest share at 88.9 %, followed by Arab countries at 7.7%, and Asian countries at 3.2%, with smaller shares going to the remaining blocs.
  8. Industrial Gases: Exports of this commodity are distributed to eight economic blocs. The Asian Countries accounted for the largest share at 75.4%, followed by the European Union at 15.6%, GCC countries at 4.3%, Oceania at 2 %, and Other European countries at 1.4%, with smaller shares going to other blocs.
  9. Petrochemicals: Exports of this commodity are distributed to eight economic blocs. Arab countries accounted for the largest share at 42%, followed by GCC countries at 38%, Asian countries at 17%, the EU at 2%, with smaller shares going to other blocs.
  10. Paraffin: Exports of this commodity are distributed to six economic blocs. The European Union topped the list with share of 52.1%, followed by Asian Union of 41.1%, and Arab countries of 3.1%, and GCC countries at 2%, with smaller shares to African countries and Other American countries.

(E) Destinations of Private Sector Exports in Terms of Economic Blocs in Q4/2024:

Regarding economic blocs and groupings, Asian countries (excluding GCC and Arab countries) ranked first among recipients of private sector exports during Q4/2024, with a value of QR 2,618.32 million, accounting for 58.4 percent of the total exports. They were followed by GCC countries, which received QR 1,077.76 million, representing 24 percent of the total.

In third place was the European Union, with exports totalling QR 391.07 million, or 8.7 percent of the total value. Next were Arab countries (excluding GCC states), which received QR 344.60 million, a share of 7.69 percent, and African countries, with exports of QR 24.64 million, or 0.55 percent.

The USA ranked sixth, receiving QR 11.97 million, equivalent to 0.27 percent of the total exports. This was followed by Other European Countries, with exports amounting to QR 5.62 million (0.13 percent), Oceania countries, with QR 4.85 million (0.11 percent), and the Other American countries, which received QR 4.27 million, or 0.10 percent of the total value.

In Q4/2024, Qatari exports reached 104 countries across the mentioned economic groupings. The African group included 28 countries, followed by Asia with 21 countries, the EU with 17, Arab countries (excluding GCC states) with 15, Other European countries with 8, the GCC with 5, Oceania with 3, and the US.

Table (4) Destinations of private sector exports as per economic blocs in Q4/2024

Graph (5) Percentages of Private Sector Exports by Groupings and Economic Blocs Q4/2024

(F) Private Sector Exports as per Major Destinations during Q4/2024:

In Q4/2024, India was at the top of the countries of destination of private sector exports with close to QR 1,539.56 million, a share of 34.3 percent of the total exports.

It is followed by UAE with almost QR 638.33 million and a share of 14.2 percent and Bangladesh with about QR 528.31 million, a share of 11.8 percent.

Morocco came in fourth place with almost QR 209.29 million, a share of 4.7 percent.

Netherlands came in the fifth place which received exports amounting to QR 187.38 million, a share of 4.2 percent, followed by China with almost QR 182.20 million, a share of 4.1 percent, KSA with QR 160.75 million, a share of 3.6 percent, Oman with almost QR 130.91 million or 2.9 percent, Turkey with exports amounting to QR 119.87 million or a share of 2.7 percent and Kuwait with QR 111.96 million or a share of 2.5 percent of the total value.

Together, these ten countries accounted for 85 percent and a value of QR 3,808.56 million of private sector exports according to the certificate of origin in Q4/2024, totaling around QR 4,483.09 million.

Table (5) Destinations of Private Sector Exports in Q4/2024:

Graph (6) Destinations of Private Sector Exports during Q4/2024:

Private Sector Exports in 2024

(A) General analysis of private sector exports in 2024:

The total exports of the private sector during 2024 amounted to QR 12,198.2 million, according to the certificates of origin issued by the Chamber. This represents a 41% decrease compared to 2023, a 64% decline compared to 2022, and a 20% decline compared to 2020 (the base year).

As shown in Graph (1), 2024 marks the second consecutive year of decline in exports (2023 and 2024), following two years of growth in 2021 and 2022.

(B) An Analysis of private sector exports in 2024 by models of certificate of origin:

On analyzing private sector exports during 2024 by certificate of origin models, we find that 78.4% of exports were exported through the General Model of certificate of origin, 17.9% through the Unified GCC Model, 3.4% through the Unified Arab Model, and 0.3% through the Unified Singapore Model.

Table (1) Private sector exports by certificate of origin:

(C) An Analysis of private sector exports by type of commodity in 2024:

The analysis of private sector exports by commodity (the list of the top 10 commodities exported during 2024) indicates that the export values of most of these commodities decreased except for three commodities when compared to their export values during 2020, namely Chemical Fertilizers, whose export value increased by 320%, Fuel Products, which increased by 1220.4%, and Steel and its products, whose export value increased by 16.8%. The export values of Aluminum and its products decreased by 56.4%, Essential and Industrial Oils by 63.7%, Industrial Gases by 55.2%, Chemicals by 37.9%, Lotrene by 48.2%, Petrochemicals by 61.3%, and Paraffin by 80%.

When comparing the export values of these commodities with the value of exports during the previous year 2023, we find that five of these commodities increased their export values: Chemical Fertilizers by 1331.7%, Steel and its products by 78%, Industrial Gases by 5.2%, Chemicals Substances by 5.1%, and Lotrene by 109.4%.

Export values for the other five commodities decreased: Fuel Products by 51.2%, Aluminum and Products by 37.8%, Essential and Industrial Oils by 83.9%, Petrochemicals by 20.6%, and Paraffin by 51.1%.

Table (2) Private sector exports by type of Commodities:

(D) Destinations of private sector exports by economic blocs in 2024:

In 2024, Asian countries (excluding Gulf and Arab countries) accounted for the largest share of Qatari private sector exports, receiving 48.4% of total exports, valued at QR 5,901 million. They were followed by GCC countries, with an export value of QR 2,933 million (24% of total exports), and European Union countries, with an export value of QR 1,861 million (15.3%).

Next were Arab countries (excluding Gulf countries) at 3.3% (QR 764 million), other European countries at 4.8% (QR 589 million), African countries at 0.7% (QR 83 million), the USA at 0.3% (QR 31 million), other American countries at 0.2% (QR 21 million), and finally, Oceania at 0.1% (QR 16 million).

Table (3) Destinations of private sector exports by economic blocs:

(E) Private Sector Exports as per Major Destinations during 2024:

India ranked first among Qatar’s most important trading partners in 2024 in terms of private sector exports, receiving QR 2,807 million, which accounted for 23% of total exports.

In second place was the Netherlands, with exports valued at QR 1,326 million (10.9%), followed by the United Arab Emirates, with QR 1,283 million (10.5%), China with QR 815 million (6.7%), Bangladesh with QR 760 million (6.2%), and Oman came sixth with QR 689 million (5.6%).

Saudi Arabia came in the seventh place, receiving QR 539 million (4.4%), followed by Turkey with QR 513 million (4.2%), Germany with QR 496 million (4.1%), and Morocco with QR 417 million (3.4%).

These ten countries collectively received QR 9,646 million, representing 79.1% of Qatar’s total private sector exports in 2024, which amounted to QR 12,198 million.

Table (4) Destinations of Private Sector Exports in 2024:

Back to top button