Asia remains Qatar’s top trading partner in Q3 2024 trade figures

In Q3 2024, Qatar recorded a merchandise trade balance surplus of QR 57.7 billion, down from QR 60.9 billion in the same period of 2023. 

According to data released by the Planning and Statistics Authority (PSA) and reported by Qatar News Agency (QNA), this reflects shifts in both export and import activities during the quarter.

Export Trends: Slight Decline Year-on-Year, Growth Quarter-on-Quarter

The total value of Qatar's exports in Q3 2024, which includes domestic goods and re-exports, amounted to QR 87.8 billion, a year-on-year (Y-o-Y) decline of QR 2.0 billion (2.2%) from QR 89.8 billion in Q3 2023. However, exports grew by QR 2.8 billion (3.3%) compared to Q2 2024.

The Y-o-Y decrease in total exports was primarily driven by:

• Mineral Fuels, Lubricants, and Related Materials: Down QR 5.0 billion (6.5%).
• Miscellaneous Manufactured Articles: Down QR 0.1 billion (22.0%).

Conversely, notable increases were observed in:

• Chemicals and Related Products n.e.s.: Up QR 1.5 billion (24.5%).
• Machinery and Transport Equipment: Up QR 1.2 billion (53.3%).
• Manufactured Goods Classified Chiefly by Material: Up QR 0.4 billion (17.1%).
• Crude Materials, Inedible, Except Fuels: Up QR 0.1 billion (24.8%).

Import Activity: Modest Year-on-Year Increase

Qatar’s imports in Q3 2024 totaled QR 30.1 billion, representing a Y-o-Y increase of QR 1.2 billion (4.1%) from QR 28.9 billion in Q3 2023. However, compared to Q2 2024, imports saw a slight decrease of QR 0.3 billion (1.1%).

The increase in imports was driven by:

• Machinery and Transport Equipment: Up QR 0.8 billion (6.7%).
• Chemicals and Related Products n.e.s.: Up QR 0.4 billion (17.2%).
• Mineral Fuels, Lubricants, and Related Materials: Up QR 0.32 billion (58.2%).
• Food and Live Animals: Up QR 0.30 billion (9.8%).

At the same time, declines were recorded in:

• Miscellaneous Manufactured Articles: Down QR 0.4 billion (6.7%).
• Manufactured Goods Classified Chiefly by Material: Down QR 0.3 billion (7.7%).

Regional Trade Partners

Asia continued to dominate as Qatar's primary trading partner:

• Exports: 75.9% of total value.
• Imports: 39.7% of total value.

Other significant trade regions included:

• Gulf Cooperation Council (GCC): 11.6% of exports, 11.3% of imports.
• European Union: 7.7% of exports, 26.0% of imports.

The Q3 2024 trade figures highlight a dynamic trade environment, with fluctuations in key commodity categories and evolving trade patterns. 

Despite a slight dip in the trade surplus compared to the previous year, quarter-on-quarter growth in exports and robust import activity underscore Qatar's strong position in global trade.

These figures emphasize Qatar's strategic focus on diversifying its export base and strengthening trade relations, particularly with key partners in Asia, the GCC, and Europe.