22/08/2017 06:01 AST
Qatar’s trade deficit with the US narrowed down sharply year-on-year during the first six months of this year. The trade deficit during the first half of this year (H1, 2017) stood at $459.8m (QR1.67bn), a decline by $2.55bn (QR9.28bn), or 84.75 percent, compared to the combined trade deficit of $3.01bn (QR10.98bn) registered during the corresponding period last year (Janaury-June,2016).
Despite subdued commodity prices, Qatar’s exports (of goods) to the US during the first six months (H1, 2017) of the current fiscal year touched $579.1m (QR2.11bn), up 10.4 percent compared to $524.5m (QR1.91bn) registered in the last six months (H2, 2016) of the previous year, data available at the United States Census Bureau website show.
Qatar’s imports from the US in H1, 2017 was at $1.04bn, reflecting a 18.49 percent drop compared to $1.27bn during the latter half of the previous year (H2, 2016).
The fall in Qatar’s trade deficit with the US is largely due to the decline in two-way trade volume. The bilateral trade volume (in goods) during the first half of this year reached $1.61bn (QR5.86bn), showing a sharp decline of 61.4 percent (year-on-year) compared to $4.18bn (QR15.22bn) witnessed during the corresponding period last year(H1,2016).
When compared on month-on-month basis, the total value of US exports of goods to Qatar in June 2017 was $99.4m, down by 22.1 percent compared to $127.6m in May 2017, while its imports from Qatar in June 2017 remained almost stable at $72.8m against $72.6m in the previous month. The US’ trade balance with Qatar in June 2017 was stood at $26.6m.
The value of two-way trade between Qatar and the US in 2016 surged to $6.08bn (QR22.16bn), up 9 percent compared to $5.57bn (QR20.28bn) in 2015.
Qatar’s imports of goods from the US was 4.92bn, while its exports to the world’s largest economy was 1.16bn.
Qatar’s trade deficit with the US in 2016 was $3.76bn, which declined by about $900m compared to $2.86bn in 2015.
According to official data released by the Ministry of Development Planning and Statistics (MDPS), in June 2017, the US was the leading country of origin of Qatar’s imports accounting for 10.6 percent of the imports, followed by China with a share of 10 percent.
The US is one of the largest investors in Qatar’s oil and gas sector helping to produce more than two-thirds of the country’s LNG output.
Qatar and the US, over the years, have developed a strong trade relationship and having extensive economic ties, including a strong trade and investment framework agreement.
The US is Qatar’s largest foreign investor and its single largest source of imports. The US is one of the major equipment suppliers for Qatar’s oil and gas industry, and US companies have played a significant role in the development of the oil and gas sector and petrochemicals industry. Its exports to Qatar include aircraft, heavy machinery and equipment, vehicles, optical and medical instruments, and agricultural products. While Qatar’s exports to the US include liquefied natural gas (LNG), aluminum, fertilisers, and sulfur among others.
The Peninsula
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