RIYADH: Qatar recorded a foreign merchandise trade balance surplus of 57.7 billion Qatari riyals ($15.8 billion) in the third quarter of 2024, down 5 percent year on year, new data revealed.

Merchandise trade balance surplus is the difference between total exports and imports.

According to figures released by the Gulf nation’s Planning and Statistics Authority, the country’s total exports in the third quarter of 2024 — including domestic goods and re-exports — were valued at 87.8 billion riyals. This represents a 2.2 percent decline compared to the same period in 2023.

The value of Qatar’s imports during the same period amounted to 30.1 billion riyals, up 4.1 percent compared to the same quarter in 2023.

The figures fall in with the nation’s trajectory to restore government revenues to pre-2014 oil price shock levels and double its economy by 2031, according to an analysis by Standard Chartered in August.

The data also reflects the steady growth of Qatar’s non-oil economy, contributing to two-thirds of the country’s gross domestic product.

Exports breakdown

The figures further disclosed that the drop in exports is mainly attributed to lower exports of mineral fuels, lubricants, and related materials by 5 billion riyals, or 6.5 percent, and miscellaneous manufactured articles by 100 million riyals, or 22 percent.

Increases were mainly recorded in chemicals and related products by 1.5 billion riyals, or 24.5 percent, machinery and transport equipment by 1.2 billion riyals, or 53.3 percent, and manufactured goods classified chiefly by material by 400 billion riyals, or 17.1 percent.

Exports of crude materials, inedible, except fuels, also witnessed a rise of 100 million, or 24.8 percent.

Imports breakdown

The rise in import values is mainly linked to increases in machinery and transport equipment by 800 million riyals, or 6.7 percent, chemicals and related products by 400 million riyals, or 17.2 percent, and mineral fuels, lubricants and related materials by 320 million riyals, or 58.2 percent.

Imports of food and live animals also jumped by 300 million riyals or 9.8 percent.

Meanwhile, decreases were recorded mainly in miscellaneous manufactured articles by 400 million, or 6.7 percent as well as manufactured goods classified chiefly by material by 300 million, or 7.7 percent.

Principal destinations

The PSA data showed that Asia was the principal destination of exports for the country, representing 75.9 percent, as well as the primary origin of Qatar’s imports, accounting for 39.7 percent.

The Gulf Cooperation Council followed, accounting for 11.6 percent of exports and 11.3 percent of imports, respectively.

The EU came next, with 7.7 percent of exports and 26 percent of imports.