Qatar Chamber: Private Sector Exports Reach QR 2.5 Billion in First Quarter of 2024

Doha, June 10 (QNA) – The value of private sector exports in the first quarter (Q1) of 2024 amounted to QR 2.53 billion, making a 6% increase on a quarterly basis compared to QR 2.39 billion in the fourth quarter of 2023, according to the quarterly report released by Qatar Chamber on Sunday.

According to the type of certificates of origin issued by the Chamber, this growth was due to the increase in exports through the General Model and the Unified GCC Model, while exports through the Unified Arab showed a decrease compared to Q4 of 2023.

In Q1 of 2024, exports through the General Model rose by 12% (from QR 1.79 to QR 2 billion). Similarly, exports through the Unified GCC Model rose by 10% (from QR 398 to QR 438 million). On the other hand, exports through the Unified Arab Model decreased by 54% (from QR 202 to QR 92.9 million).

Based on the type of goods issued by the chamber in Q1 of 2024, the value of fuel exports amounted to QR 528 million, showing an increase by 8.6% compared to QR 486 million in Q4 of 2023. Aluminium exports reached QR 438 million, a decline of 10.5% compared to its value in Q4 of 2023, which amounted to QR 489 million. Essential and Industrial Oils exports amounted to QR 392 million, a decrease of 13.4%, compared to QR 453 million in Q4 of 2023. Steel exports amounted to QR 275 million, registering an increase of 89.4% compared to QR 145 million in Q4 of 2023.

The report noted that Industrial Gases exports amounted to QR 250 million, recoding an increase of 25.2%, while Lotrene exports amounted to QR 131 million, significantly surged by 7811% compared to QR 1.66 million in Q4 of 2023.

Chemical Substances exports amounted to QR 93 million in Q1 of 2024, recording a decrease on a quarterly basis by 26.7% compared to its value in Q4 of 2023, which amounted to QR 127 million, and petrochemicals exports amounted to QR 91 million, showing a decrease of 15.7% compared to its value in Q4 of 2023, which amounted to QR 107 million.

According to the report, paraffin exports amounted to QR 28.1 million; an increase of 184.9% compared to QR 9.87 million in Q4 of 2023, while chemical Fertilizers exports amounted to QR 10.5 million; a decrease of 82.2% compared to QR 58.1 million in Q4 of 2023.

The Chambers newsletter explained that these ten commodities exported by the private sector represent 88% of the total value of private export exports, according to the certificates of origin issued by the Qatar Chamber during Q1 of 2024, which amounted to QR 2,24 billion, registering a 7.6% quarter-on-quarter growth compared to Q4 of 2023. 

As for economic blocs and groupings, the Asian countries (excluding GCC and Arab countries) were at the top of economic blocs that received exports of private sector during Q1 of 2024 which amounted to QR 1.06 billion with a share of 41.90% of the total exports, followed by the European Union which received exports amounted to QR 748.60 million or a share of 29.5% of the total value. In third place came the group of GCC states, with exports totaling QR 571.5 million representing 22.5% of the total value.

According to the report, the number of countries receiving Qatari exports in Q1 of 2024 was 101 countries in the above economic groupings. The African grouping came to the forefront with 24 countries. Asia came then with 22 countries, followed by the European Union with 20 countries, Arab countries excluding GCC states with 14 countries, other American countries with 9 countries, the GCC with 5 countries, other European countries with 5 countries, the United States of America and one country (Australia) in the Oceania grouping.

In Q1 of 2024, Netherlands was at the top of the countries of destination of private sector exports with close to QR 408.6 million, a share of 16.1% of the total exports. It is followed by India with almost QR 350 million and a share of 13.8%, and Oman with about QR 246 million, a share of 9.7%.

Turkey came in fourth place with almost QR 219 million, a share of 8.7%, followed by China with exports amounted to about QR 202 million, a share of 8%. Germany came in the sixth place which received exports amounting to QR 172 million, a share of 6.8%, followed by the UAE with almost QR 113 million, a share of 4.5%, and Spain with QR 103 million, a share of 4.1%, then  KSA with almost QR 90.1 million or 3.6%, and Kuwait with exports amounting to QR 76.6 million or a share of 3% of the total value.

Together, these ten countries accounted for 78.2% and a value of QR 1.98 billion of private sector exports according to the certificate of origin in Q1 of 2024, totaling around QR 2.53 billion. (QNA)