News

Private Sectors achieves 46% growth earning up to QAR 7.7 billion


As per Qatar Chamber Quarterly Report and Certificates of Origin

  • Qatari economy recovers and market mechanisms to seize control again over economic activities
  • Aluminum exports achieves the highest increase by 61.3% earning QAR 1.92 billions
  • Qatari private sector exports were received by 97 countries in the first quarter
  • With businesses valued QAR 1.79 billion, India ranked as top business partner followed by Netherlands and Turkey

As per Qatar Chamber statement, private sector exports achieved significant growth during Q1-2022, as an indicator of Qatari economy recovery, where 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 today, Qatar Chamber pointed out that the private sector exports value within the first quarter spiked up to QAR 7.7 billion, representing a 46% growth compared to QAR 5.3 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%, exports holding general certificate of origin enjoyed elevated value by 67.3%; and similarly, exports’ value increased in accordance with the Arab Region Certificate Form by 49.3%. On the other hand, GCC certificate value decreased by 13.7%, as did the Singapore Unified Certificate by 35.7%.

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% reaching up to QAR 1.92 billion compared to last year’s QAR 1.19 billion. Essential oils and industrials oils earned QAR 1.76 billion compared to QAR 1.14 billion representing a 53.8% increase. Fuel exports reached up to QAR 1.18 billion representing a whopping 356% increase compared to last year’s QAR 260 MM. Nitrogenous fertilizers earned QAR 1.04 billion compared to last year’s QAR 77.8 MM, representing more than 1000% increase.

QC report stated that Lotrene exports reached up to QAR 376 MM, compared to last year’s QAR 307 MM, representing a 19.6% increase, while iron exports inclined by 32.8% earning down to QAR 343 MM from last year’s QAR 510 MM. Chemical exports also increased by 7%, from QAR 315 MM to this year’s QAR 293 MM. In an increase of 22%, petrochemicals increased from QAR 151 MM to QAR 184 MM.

As per the report, in Q1-2022, paraffin exports recorded around QAR 175 MM, representing a 35% decrease compared to last year’s QAR 270 MM. Industrial gases exports recorded a minimal QAR 129 MM, representing a 87% decrease compares to last year which recorded around QAR 991 MM. The report recalled that those ten goods are the private sector top exports, representing 96.5% 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 QAR 7.4 billion, representing an increase of 41.8%.

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% of total exports valued QAR 3.89 billion.  EU ranked in the second place receiving 24.2% of total exports valued QAR 1.87 billion. In the third place, GCC received 15.7% of total exports valued QAR 1.21 billion. The forth place was occupied by Arab countries (excluding GCC) receiving 5.2% of total exports valued QAR 402.4 MM. Receiving 2.8% of total Qatari exports, USA ranked the fifth place importing Qatari goods valued QAR 215.8 MM. In the sixth place comes other European countries with exports valued QAR 73.6 MM, representing 0.95%. African countries (excluding Arab countries) come in the seventh place receiving QAR 53.3 MM representing 0.69% of total exports. In the eighth place come other American countries receiving around QAR 6.4 MM representing 0.08%, followed by Oceania in the ninth place receiving around QAR 2.7 MM representing 0/04% 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 QAR 1.79 billion representing 32.2% of total exports. Netherlands ranked the second place receiving around QAR 1.2 billion in its markets representing 15.6 % of total exports. Turkey ranked the third place receiving exports valued QAR 565 MM representing 7.3%. In the forth place, Emirates received 7.2% of total exports valued QAR 558 MM. Bangladesh ranked the fifth top partner receiving QAR 478 MM equivalent to 6.2% of total exports. China ranked the sixth place receiving QAR 395 MM equivalent to 5.1%, then Germany in the seventh place receiving QAR 338.5 MM equivalent to 4.4%. In the eighth place, Sultanate of Oman received QAR 314.3 MM equivalent to 4.1% of total exports, followed by Hong Kong in the ninth place receiving around QAR 251.6 MM equivalent to 3.3% of total exports. Finally, Indonesia ranked the tenth place receiving QAR 217 MM equivalent to 2.8%.

Those ten countries received in total 79.1% of Qatari exports valued QAR 6.1 billion as per the certificate of origin during the first quarter of the current year.



Source link

Show More

Related Articles

Back to top button
Close
Close