Qatar’s trade balance surplus reached a record high last November, increasing by 170 percent over November of last year 2020.
The significant increase in the trade balance surplus comes as a result of a noticeable increase in gas exports and prices.
According to the Qatar Planning and Statistics Authority, the Qatari trade balance achieved a surplus of 24.5 billion riyals during November.
Qatar’s trade balance
Thus, it recorded an increase of 170.6% compared to the same month of 2020, and a growth of 15.8% compared to October 2021.
The authority stated that the total exports amounted to 34.3 billion riyals, an increase of 106.6%. Imports were about 9.8 billion riyals, a growth of 29.6%.
Also, exports of petroleum gases and other gaseous hydrocarbons increased by 135.1% to reach 22.4 billion riyals.
On a monthly basis, the value of Qatari exports increased by 13.9%, while imports grew by 9.6%.
With regard to the most important trading partners of the State of Qatar, China came at the top of the destination countries for Qatari exports during November, with a value of 5.1 billion riyals, equivalent to 14.8% of the total value of Qatari exports. THen comes Japan with a value of 4.5 billion riyals, 13.1% of the total exports, followed by South Korea with 3.6 billion riyals, or 10.4%.
In terms of imports, according to the main countries of origin, China ranked first in the countries of origin for Qatar’s imports during November with a value of approximately 1.8 billion riyals, or 18.8% of the total value of merchandise imports, then the United States of America with a value of 1.1 billion riyals, or 11.2%, followed by Germany with a value of 0.7 billion riyals , or 7.2%.
In a related context, Standard & Poor’s, the credit rating agency, expected that Qatar’s domestic product would register a strong recovery by the end of this year 2021.
Standard & Poor’s said that Qatar’s gross domestic product by the end of this year will rise by no less than 655 billion riyals ($180 billion).
Qatari’s domestic product will make a strong recovery compared to the level recorded last year, which was estimated at 526 billion riyals ($144 billion), S&P said.