DOHA: Qatar’s trade surplus tumbled 50 percent in first quarter of 2015 (Q1, 2015) from a year ago, weighed down by lower value of energy exports. The country’s trade balance surplus fell to QR52.8bn from QR106.2bn recorded in Q1, 2014.
In Q1, 2015, the value of Qatar’s total exports amounted to QR82.1bn, down 38 percent compared to total export value of QR132.5bn recorded in Q1, 2014. On a quarter-on-quarter basis the decline was QR22.1bn or 21.2 percent.
Significantly, the destination of 75.2 percent of Qatar’s total export in the first quarter was Asian economies. Exports to Asia was dominated by LNG, crude oil, condensates, propane naphtha, ammonia and sulphur. Japan, South Korea and India were the top receiving countries.
The Q1, 2015 year-on-year decline in total export value was mainly due to lower exports of mineral fuels, lubricants and related materials by QR49.6bn.
“The Q1 2014 to Q1 2015 decline in total exports reflected decreases mainly in petroleum gases and other gaseous hydrocarbons by QR37.7bn or 40.8 percent. Exports of petroleum oils crude was down by 48.2 percent and polymers of ethylene in primary forms declined 50.1 percent. Exports of petroleum oils other than crude fell by 36.5 percent”, the Ministry of Development Planning and Statistics (MDPS) said yesterday.
Meanwhile, the value of Qatar’s imports in Q1, 2015 was QR29.3bn, increased by QR3bn, up 11.4 percent compared to Q1, 2014 imports of QR26.3bn. The Y-o-Y increase in imports reflected increases mainly in machinery and transport equipment, manufactured goods, food and lives animals. However, on a Q-o-Q basis the imports decreased by QR1.4bn or 4.6 percent.
The Q1 2015 Y-o-Y increase in imports was mainly driven by increase in machinery and transport equipment of QR0.8bn, up 6.4 percent. Imports of manufactured goods were up by QR0.8bn or 18.1 percent up. Crude materials, inedible, except fuels, rose by 48.6 percent to QR0.5bn, while food and live animals jumped to QR0.54bn or 21.4 percent.
Within food and live animals, highlights were in the increases of live animals by QR0.2bn or 54.1 percent. Cereals and cereal preparations increased by QR0.1bn or 13.7 percent. The imports of vegetables and fruits were up by 18.2 percent to QR0.1bn.
Imports of a selected group of construction materials increased by 41.0 percent to QR0.8bn during the first quarter from a year ago, while it remained virtually unchanged when compared to Q4 2014. Year-on-Year increases were mainly registered in “tubes, pipes other materials of iron and steel and primary construction materials.
Asia was the principal destination of Qatar’s exports and the first origin of imports in the first quarter. Among Asia, Japan was the major destination of the exports with QR20.5bn, a share of 25.0 percent of Qatar’s total exports, followed by South Korea with QR13.9bn and India with QR8.8bn.
China was the principal origin of the imports with QR3.4bn, representing 11.5 percent of Qatar’s total imports, followed by Japan with QR1.9bn and India with QR1.1bn. The trade balance with this economic area amounted to QR52.0bn or 98.5 percent of the foreign merchandise trade surplus recorded in Q1, 2015, while the total trade to these economies amounted to QR71.5bn.
