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Tribune News Network
Private sector exports achieved significant growth during the first quarter of 2022, Qatar Chamber has said.
This, it added, was an indicator of Qatari economy’s recovery and suggests that economic dynamics have been appropriately reclaimed and market mechanisms have fairly regained its dominance over economic activities and resulting revenues.
In its quarterly report issued on Sunday, Qatar Chamber said the private sector exports value within the first quarter spiked up to QR7.7 billion, representing a 46 percent growth compared to QR5.3 billion earned last year.
QC report also mentioned the impact of the certificates of origins on the exports’ value, where exports holding certificates of preferential enjoyed elevated valued by 113.9 percent, exports holding general certificate of origin enjoyed elevated value by 67.3 percent; and similarly, exports’ value increased in accordance with the Arab Region Certificate Form by 49.3 percent. On the other hand, GCC certificate value decreased by 13.7 percent, as did the Singapore Unified Certificate by 35.7 percent.
Exports according to type of goods
QC report indicated increase in 6 out of 10 goods during the first quarter, where aluminum exports increased by 61.3 percent reaching up to QR1.92 billion compared to last year’s QR1.19 billion. Essential oils and industrials oils earned QR1.76 billion compared to QR1.14 billion representing a 53.8 percent increase. Fuel exports reached up to QR1.18 billion representing a whopping 356 percent increase compared to last year’s QR260 MM. Nitrogenous fertilizers earned QR1.04 billion compared to last year’s QR77.8 MM, representing more than 1000 percent increase.
QC report stated that Lotrene exports reached up to QR376 MM, compared to last year’s QR307 MM, representing a 19.6 percent increase, while iron exports inclined by 32.8 percent earning down to QR343 MM from last year’s QR510 MM. Chemical exports also increased by 7 percent, from QR315 MM to this year’s QR293 MM. In an increase of 22 percent, petrochemicals increased from QR151 MM to QR184 MM.
As per the report, in Q1-2022, paraffin exports recorded around QR175 MM, representing a 35 percent decrease compared to last year’s QR270 MM. Industrial gases exports recorded a minimal QR129 MM, representing a 87 percent decrease compares to last year which recorded around QR991 MM. The report recalled that those ten goods are the private sector top exports, representing 96.5 percent of total private sector exports. In accordance with the certificates of origin issued by QC in Q1-2022, total exports of the ten goods reached up to QR7.4 billion, representing an increase of 41.8 percent.
Destinations as per
Economic Associations
During the first quarter of the year 2022, Asian countries (excluding GCC and Arab countries) represented the top destinations receiving Qatari private sector exports, as per the certificates of origin issued by the Chamber, receiving 50.4 percent of total exports valued QR3.89 billion. EU ranked in the second place receiving 24.2 percent of total exports valued QR1.87 billion. In the third place, GCC received 15.7 percent of total exports valued QR1.21 billion. The forth place was occupied by Arab countries (excluding GCC) receiving 5.2 percent of total exports valued QR402.4 MM. Receiving 2.8 percent of total Qatari exports, USA ranked the fifth place importing Qatari goods valued QR215.8 MM. In the sixth place comes other European countries with exports valued QR73.6 MM, representing 0.95 percent. African countries (excluding Arab countries) come in the seventh place receiving QR53.3 MM representing 0.69 percent of total exports. In the eighth place come other American countries receiving around QR6.4 MM representing 0.08 percent, followed by Oceania in the ninth place receiving around QR2.7 MM representing 0/04 percent of total Qatari exports.
As per the report on Q1-2022, Qatari exports were received by 97 countries, of which 27 were African, 19 were Asian, 13 from the EU, 13 from Arab countries, 10 from Americas, 5 from GCC, 8 from European, and finally USA and a single country (Australia) from Oceania.
Business partners
India was the top business partner receiving exports valued around QR1.79 billion representing 32.2 percent of total exports. Netherlands ranked the second place receiving around QR1.2 billion in its markets representing 15.6 percent of total exports. Turkey ranked the third place receiving exports valued QR565 MM representing 7.3 percent. In the fourth place, Emirates received 7.2 percent of total exports valued QR558 MM. Bangladesh ranked the fifth top partner receiving QR478 MM equivalent to 6.2 percent of total exports. China ranked the sixth place receiving QR395 MM equivalent to 5.1 percent, then Germany in the seventh place receiving QR338.5 MM equivalent to 4.4 percent. In the eighth place, Sultanate of Oman received QR314.3 MM equivalent to 4.1 percent of total exports, followed by Hong Kong in the ninth place receiving around QR251.6 MM equivalent to 3.3 percent of total exports. Finally, Indonesia ranked the tenth place receiving QR217 MM equivalent to 2.8 percent.
Those ten countries received in total 79.1 percent of Qatari exports valued QR6.1 billion as per the certificate of origin during the first quarter of the current year.
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