Thursday, January 20, 2022
Home /  Business  /  QC: Qatar’s business activities recover to pre-pandemic levels

QC: Qatar’s business activities recover to pre-pandemic levels

Tribune News Network
Qatar’s private sector business activities have largely recovered to pre-pandemic levels, indicate the latest figures from Qatar Chamber (QC).
According to QC’s September issue of its monthly newsletter, the country’s private sector exports in July stood at QR1.71 billion, up 43 percent from QR1.2 billion recorded a year ago. This is also the highest level recorded since the beginning of the pandemic in February 2020, when exports hit QR1.95 billion. Also, the July figure represents a 200 percent jump from the lowest level recorded in April last year.
In July 2021, the private sector’s exports of essential oils decreased by 34.8 percent month-on-month (m-o-m), but saw a 45.8 percent year-on-year (y-o-y) increase. Aluminium exports slipped 25 percent m-o-m, but increased 44.3 percent year-on-year.
Industrial gases exports decreased by 65.8 percent m-o-m base and by 43.1 percent y-o-y. Paraffin exports were up 68.7 percent m-o-m and increased 101.7 percent y-o-y, while chemical fertilisers dropped 50.9 percent m-o-m and by 15 percent y-o-y.
Petrochemicals increased by 7.8 percent m-o-m and 117.3 percent y-o-y, while steel exports fell 99.3 percent m-o-m and by 250 percent y-o-y. Chemical substances went down slightly m-o-m, but increased 157 percent y-o-y.
The newsletter reported that GCC states topped the list of economic blocs that received private sector exports worth QR687 million with a share of 40.1 percent of the total value, followed by Asian countries, excluding GCC states, with a 32.2 percent share with exports worth QR553 million.
EU states registered exports totalling QR362 million, representing 21.1 percent of the total value, followed by Arab countries, excluding GCC states, and received QR80 million or a 4.6 percent share. The African Countries Group, excluding Arab countries, posted QR16 million worth of exports or 0.9 percent, while the US exports amounted to QR11 million or 0.6 percent.
In June 2021, Oman was the top country of destination of Qatar’s private sector exports with close to QR426 million or a 24.8 percent share of the total exports. It is followed by India with almost QR380 million (22.2 percent share), the UAE (QR244 million, 14.3 percent), Netherlands (QR189 million, 11 percent), and Germany (QR118 million, 6.9 percent). The value of private sector exports to these countries represented 79.2 percent of the total value of exports during the same month.
Citing July figures from the Planning and Statistics Authority, the total value of foreign merchandise trade reached QR35.34 billion, a 5.2 percent increase over QR33.58 billion in June, and a significant 68.7 percent increase over QR20.95 billion in July 2020.
In July 2021, the total exports of goods (including exports of goods of domestic origin and re-exports) amounted to around QR27.47 billion, showing a sharp increase of 101.9 percent compared to QR13.60 billion in July last year, and an 8.7 percent increase compared to QR25.27 billion in June 2021. The imports of goods in the said month amounted to around QR7.87 billion or a 5.3 percent decrease compared to QR8.31 billion in June.
The country’s foreign merchandise trade balance showed a surplus of QR19.6 billion, recording a 15.5 percent m-o-m decrease, and a 213 percent y-o-y increase.