Qatar's foreign merchandise trade surplus achieves QR 57.7 billion in Q3 2024
Qatar's Trade Surplus in Q3 2024
In the third quarter of 2024, Qatar achieved a merchandise trade balance surplus of QR 57.7 billion. This was a decrease from QR 60.9 billion in the same period of 2023. The Planning and Statistics Authority reported that Qatar's total exports, including domestic goods and re-exports, were valued at QR 87.8 billion, a slight drop from QR 89.8 billion in Q3 2023. However, this was an increase of QR 2.8 billion compared to Q2 2024.
Export and Import Details
The year-on-year decrease in exports was mainly due to a reduction in the export of mineral fuels and related materials by QR 5.0 billion and miscellaneous manufactured articles by QR 0.1 billion. Conversely, there were increases in chemicals and related products by QR 1.5 billion, machinery and transport equipment by QR 1.2 billion, and other categories.
Qatar's imports in Q3 2024 were QR 30.1 billion, up by QR 1.2 billion from Q3 2023. The increase was driven by higher imports of machinery and transport equipment, chemicals, and food. However, there were declines in miscellaneous manufactured articles and manufactured goods.
Trade Partners
Asia was the main destination for Qatar's exports and the primary source of its imports, accounting for 75.9% and 39.7% respectively. The GCC and the European Union were also significant trade partners.
Doubts Revealed
Qatar
Qatar is a small country in the Middle East, known for its rich natural gas and oil reserves. It is located on the northeastern coast of the Arabian Peninsula.
Trade Surplus
A trade surplus happens when a country sells more goods to other countries than it buys from them. It means the country is earning more money from its exports than it is spending on imports.
QR
QR stands for Qatari Riyal, which is the currency used in Qatar. It's like how we use Indian Rupees (INR) in India.
Q3 2024
Q3 2024 refers to the third quarter of the year 2024. A quarter is a three-month period, so Q3 includes July, August, and September.
Mineral Fuels
Mineral fuels are natural resources like oil and gas that are used to produce energy. Qatar is known for exporting a lot of these fuels.
Manufactured Articles
Manufactured articles are goods that have been made or processed in factories. They can include things like electronics, clothing, and cars.
GCC
GCC stands for Gulf Cooperation Council, which is a group of countries in the Middle East that work together on economic and political issues. It includes countries like Saudi Arabia, UAE, and Qatar.
EU
EU stands for European Union, which is a group of countries in Europe that have agreed to work together on various issues, including trade. It includes countries like Germany, France, and Italy.
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