Tribune News Network
According to preliminary figures released by the Planning and Statistics Authority, Qatar’s foreign merchandise trade balance showed a surplus of QR21.3 billion in March 2023. While this marks a decrease of QR5.2 billion or 19.6 percent compared to March 2022, and a decrease of nearly QR1.6 billion or 7.2 percent compared to February 2023, it still indicates a healthy trade surplus for the nation.
The decrease in total exports was mainly due to lower exports of petroleum gases and other gaseous hydrocarbons, petroleum oils and oils from bituminous minerals. In March 2023, China was at the top of the countries of destination of Qatar’s exports with close to QR 6.4 billion, followed by South Korea and India.
Meanwhile, the year on year increase in the imported group of commodities was led by the group of “Turbojets, Turbopropellers & Other Gas Turbines; Parts Thereof.” The United States of America was the leading country of origin of Qatar’s imports with about QR 1.8 billion, followed by China and India.
Despite the decrease in total exports, the trade surplus indicates that Qatar’s economy remains stable.
The nation has been actively investing in diversifying its economy to reduce its reliance on oil exports, and the latest data shows that these efforts are paying off.
The nation has also been investing in building its infrastructure, including transport links and tourist attractions, to boost its tourism industry. Qatar has set an ambitious target of attracting 10 million visitors annually by 2030 and is actively working towards achieving this goal.
With the world slowly recovering from the COVID-19 pandemic, there is hope that Qatar’s trade figures will continue to improve in the coming months.
Overall, the latest trade figures indicate that Qatar’s economy remains strong and stable, and the nation’s efforts to diversify its economy are paying off.