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Qatar's trade surplus stood at QR12.62bn this August, showing a healthy more than 45% growth year-on-year (y-o-y), indicating the futile trade and economic blockade, led by Saudi Arabia and the UAE.
A double-digit expansion in exports helped Qatar post a healthy trade surplus in August amid trade and diplomatic stir, according to the Ministry of Development Planning and Statistics. The trade surplus had seen a 5% rise on a monthly basis (m-o-m).
In absolute terms, Japan, South Korea, China, Singapore and India were among the largest export markets of Qatar; while imports mainly came from the US, China, Germany, India and Italy in August 2017.
Fast expansion in shipments to Singapore and China mainly led Qatar’s total exports (valued free-on-board) reach QR21.3bn this August, showing a 17.7% and 16.6% yearly and monthly increase respectively.
The country’s total exports of domestic products amounted to QR20.53bn in August this year, showing 17.8% and 17.3% y-o-y and m-o-m rise respectively.
On a yearly basis, Qatar's exports of non-crude in August soared 53.9% to QR1.3bn, crude by 18.3% to QR3.72bn, petroleum gases by 16.2% to QR13.1bn and other commodities by 11.4% to QR2.42bn.
On a monthly basis, Qatar's exports of crude surged 50.9%, petroleum gases by 15.2% and other commodities by 12.1%; while those of non-crude shrank 14.3%.
Petroleum gases were 63.89% of total exports of domestic products in August 2017 against 64.7% a year-ago; crude 18.12% (18.08%), non-crude 6.33% (4.82%) and other commodities 11.79% (12.46%).
On exports destinations, Japan accounted for 16% of total exports from Qatar in August this year, South Korea 14%, China and Singapore 13% each, and India 12%.
Qatar's exports to China and Singapore more than doubled year-on-year to QR2.73bn and QR2.71bn respectively, those to India grew 17.81% to QR2.56bn and South Korea by 8.15% to QR2.92bn; while those to Japan was down less than 1% to QR3.38bn.
Against July 2017 levels, Doha's exports to Singapore skyrocketed 77.12%, Japan by 43.83%, India by 32.31% and China by 2.63%; whereas those to South Korea was down 7.3%.
The country's re-exports expanded 14.8% y-o-y to QR0.77bn this August. On a monthly basis, it was up a mere 0.5%.
Qatar's total imports (valued at cost insurance and freight) shrank 7.8% y-o-y to QR8.68bn in August this year. On a monthly basis, it however shot up 39.1%.
The US accounted for 15% of Qatar's imports in August 2017, China 11%, Germany 9%, India 6% and Italy 5%.
On a yearly basis, Qatar's imports from Germany plummeted 23.56% to QR0.81bn, India by 9.31% to QR0.56bn and China by 9.27% to QR0.93bn; while those from the US expanded 18.92% to QR1.34bn and Italy by 8.31% to QR0.4bn. Against the previous month's levels, shipments from Germany had more than doubled; those from India grew 41.22%, China by 34.29%, the US by 32.97% and Italy by 11.29%.
Turbojets, parts of aircraft and helicopters and motor cars comprised the main components in Qatar's import basket in August 2017.
Doha imported turbojets worth QR0.63bn, parts of aircraft and helicopters (QR0.31bn), motor cars (QR0.27bn) and other commodities (QR7.48bn).
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Significant fiscal and external buffers have enabled Qatar to successfully absorb the adverse shocks from the 2014-16 decline in oil prices and the diplomatic rift. The country’s near- to medium-term