Qatar's Merchandise Trade Balance Surplus Reaches QR 60.9 Billion in Q3 2023

Doha, November 23 (QNA) - The merchandise trade balance of the State of Qatar (difference between total exports and imports) recorded a surplus of QR60.9 billion Q3 2023, down from QR 102.1 billion in Q3 2022. According to the press release on "Quarterly Foreign Merchandise Trade Statistics, Q3 2023 State of Qatar", published by the Planning and Statistics Authority (PSA), Qatar’s total exports in Q3 2023 (including exports of domestic goods and re-exports) amounted to QR 89.8 billion, decreased by QR 43.8 billion (32.8%) compared to Q3 2022 which amounted total exports of QR 133.6 billion, and increased by nearly QR 4.4 billion or 5.2% compared to Q2 2023. The Q3 2023 year on year (Y-o-Y) decrease in total exports was mainly due to lower exports of Mineral fuels, lubricants and related materials by QR 41.2 billion (34.6%), Chemicals and Related Products n.e.s. by QR 2.7 billion (30.8%), Crude Materials, Inedible, Except Fuels. by 0.3 billion (53.7%). On other hand increases was recorded mainly in Machinery and Transport Equipment by 0.4 billion (19.6%), and Miscellaneous Manufactured Articles by 0.1 billion (12.0%). The value of Qatar’s imports in Q3 2023 was QR 28.9 billion; decreased by QR 2.5 billion (8.1%) compared to Q3 2022 imports of QR 31.5 billion, and increased by nearly QR 1.2 billion or 4.4% compared to Q2 2023. The Q3 2023 (Y-o-Y) decrease in imports values is mainly due to decreases in Miscellaneous Manufactured Articles by 1.0 billion (16.0%), Chemicals and Related Products n.e.s. QR 0.64 billion (20.3%), Food and Live Animals by QR 0.56 billion (15.5%), Crude Materials, Inedible, Except Fuels by QR 0.2 billion (16.3%). On other hand increases was recorded mainly in Machinery and Transport Equipment by QR 0.1 billion (1.0%) and Manufactured Goods Classified Chiefly by Material by 0.06 billion (1.5%). During Q3 2023, Asia was the principal destination of Qatar’s exports and the first origin of Qatar’s imports, representing 74.9% and 36.3% respectively, followed by the European Union, accounting for 10.4% and 27.5% respectively, and GCC, with 9.4% and 7.3% respectively. (QNA)