31/07/2016 05:53 AST
The US trade surplus with Qatar for the first five months of this year has jumped to QR9.35bn ($2.57bn), witnessing a triple-digit growth compared to figures for the same period (January -May) last year.
The US trade balance with Qatar (which represents the difference between value of exports and imports of goods) for January-May 2016 period has increased by 117.5 percent compared to $1.18bn registered during the corresponding period last year, data available at the United States Census Bureau suggest. The bilateral trade volume between the two countries from January to May 2016 touched $3.65bn, up 40.39 percent compared to $2.61bn witnessed during the same period in the previous year.
The US exports to Qatar during the period (Jan-May 2016) stood at $3.12bn, showing a sharp increase of 64.4 percent against $1.90bn recorded for the corresponding period last year. While the value of US imports from Qatar during the period declined by 23.3 percent to $549.5m compared to $716.8m registered during the same period last year. “As one of Qatar’s largest foreign investors and sources of imports, the United States has developed important, long-lasting trade relationships with Qatar that continue to grow year after year”, said the US Embassy in Qatar in a statement replying to queries from The Peninsula.
“The total volume of bilateral trade between the United States and Qatar exceeded $5bn (QR18.20bn) in 2015, and bilateral trade has already shown a 40 percent increase in the first five months of 2016”, the statement noted.
According to the embassy statement, transportation equipment accounts for the majority of US exports to Qatar thus far in 2016.
“The US exports to Qatar constitute a major part of the local economy; while we continue to heavily export advanced technologies such as commercial aircraft, vehicles, heavy equipment, satellite and communications equipment. We also provide key management and technical services in engineering, education, and environment technologies.”
Citing example of the extent of wide ranging cooperation of US companies in Qatar, the embassy said that almost every major construction and infrastructure project in Qatar is currently being managed or supervised by an American engineering firm. Furthermore, six of the seven major universities in Education City are American universities. “Innovation in the United States continues to be one of the strongest pillars of the economy, as the US is home to the largest research and innovation hub in the world, with more than 300,000 patents granted in 2015 alone (from US and foreign origin), raking us first globally,” it added.
It noted that research and development is an important component of the trade relationship between the US and Qatar, with major US companies established at Qatar Science and Technology Park (QSTP).
“The US is the largest investor in Qatar’s Oil and Gas sector helping produce more than two thirds of the country’s LNG output,” it added.
The Peninsula
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