Qatar private sector exports hit QR 26.4bn, up 77 percent in 2021, says Qatar Chamber
Qatar Chamber has issued its economic report for 2021 which highlights the trade of private sector according to the certificates of origin issued by the Chamber.
The report, prepared by the Research & Studies Department, said that the value of private sector exports last year increased by 77.2 percent year-on-year to reach QR26.4 billion compared to QR 14.9 billion in 2020 and by 21.7 percent compared to QR 21.7 billion in 2019.
This surge, the report said, confirmed the significant recovery of the private sector activity and Qatar economy in general from the implications of the Covid-19 pandemic, as it reached to levels better than those before the application of precautionary measures.
Certificates of origin
The year-on-year increase in private sector exports during 2021 was attributed to the increase in exports through all types of certificates of origin issued by the Chamber vis-a-vis 2020 and 2019 except for the GPS Model which declined by 63.5 and 79.5 respectively.
In turn, exports through the General Model grew by 109 percent and 46.4 percent compared to their values in 2020 and 2019.
Similarly, exports through the GCC Unified Model jumped 142.1 percent and 139.2 percent compared to their values in 2020 and 2019.
Exports though the Unified Arab Model grew by 43.7 percent and 20.6 percent compared to 2020 and 2019.
Exports through the Unified Model to Singapore in 2021 saw a substantial growth of 638.7 percent compared to their values in 2020 and by 570.1 percent compared to 2019.
Type of commodities
The report indicated that the value of exports of eight commodities recorded growth compared to their values in 2019 and 2020, while the sole exports that decreased are the petrochemicals exports.
In 2021, Essential and Industrial Oils exports reached QR 8.15 bn, recorded year-on-year growth of 97 percent compared to 2020 and 24 percent compared to 2019.
Aluminum exports reached QR 6.1 bn in 2021, showing an increase of 60.5 percent compared to QR 3.8 bn in 2020.
In the third place, industrial gases amounted to QR 3.33bn, followed by chemical substances amounted to QR 1.7bn, lotrene exports reached QR1.33bn and steel exports amounted to QR 1.3bn.
Destinations of exports
As for economic blocs and groupings, Asian countries were at the top of economic blocs that received exports of private sector in 2021 amounted to QR 12.5 billion with a share of 47.6 percent of the total value, followed by GCC countries excluding GCC states with a share of 25.3 percent with exports of QR 6.7 billion.
In third place came the group of EU states, with exports totalling QR 4.9 billion representing 18.5 percent of the total value, followed by Arab countries excluding Arab countries excluding GCC states that received 1.4 billion, a share of 5.3 percent and African Countries Group excluding Arab countries with exports amounted to QR 331 million, or a share of 1.3 percent of the total exports.
Other European countries came in the sixth place with exports amounted to 307 million, or a share of 1.2 percent, followed by the USA which received exports worth of QR 193 million, a share of 0.7 percent, Other American countries which received exports worth of QR 57.8 million, or a share of 0.2 percent and Oceania which received exports worth of QR 5.97 million, or a share of 0. 02 percent.
Qatar’s Foreign trade
The Chamber’s report noted that according to figures of The Planning and Statistics Authority for 2021, Qatar’s foreign merchandise trade amounted to QR 419.6 billion, recording a y-on-y increase of 49.4 percent compared to QR 281.5 billion in 2020 and of 12.89 percent compared to QR 371.7 billion in 2019.
This surge in 2021 foreign trade is mainly due to the increase of exports which rose by 69.31 percent and imports which grew 8.65 percent compared to 2020. When comparing with 2019, exports increased by 19.56 percent, while imports declined by 3.80 percent.
Therefore, the country’s foreign merchandise trade balance rose in 2021 by 130.36 percent and 35.15 percent compared to 2020 and 2019.
The report pointed out that the year 2021 witnessed a steady growth in all foreign trade indicators linked to the trade balance based on the quarterly analysis of data.
According to figures of The Planning and Statistics Authority for 2021, the total value of foreign trade increased in Q2 by 8.7 percent compared to Q1 because of the 10.8 percent increase of exports during the said period, with a slight increase in the value of imports which grew by 3.1 percent.
Similarly, the total value of foreign trade increased in Q3 by 12.2 percent compared to Q2 because of the 16.5 percent increase in the value of exports, while the value of imports declined by 0.1 percent.
In Q4 2021, the state’s total foreign trade grew by 19.8 percent compared to Q3, driven by the 21.1 percent increase in exports and the 15.5 percent increase in imports.
Therefore, the country’s foreign merchandise trade balance, which represents the difference between total exports and imports, showing an increase of 15.4 percent in Q2 compared with Q1. It also increased by 25.4 percent in Q3 compared with Q2, and by 23.5 percent in Q4 compared with Q3.
Major trade partners
In 2021, Asia was the principal destination of Qatar’s exports and the first origin of Qatar’s imports in 2021 amounted to QR 278.3 billion, followed by the EU with total value of trade amounted to QR 70.6 billion.
In third place came the GCC states, with trade totaling QR 25.1 million, followed by the USA with trade amounted to 18.4 billion, and Other American Countries with trade value amounted to QR 7.5 billion.
Other European Countries came in the sixth place with trade volume amounted to 7.2 billion, followed by Arab Countries excluding Arab countries excluding GCC states with trade worth of QR 3.8 billion, Oceania with trade volume amounted to 3.8 billion, Other African Countries excluding Arab Countries with trade amounted to QR 2.9 billion and Other Countries with trade amounted to QR 2.1 billion.
In 2021, China was at the top of the countries of destination of Qatar’s foreign trade with about QR 65,874 billion, a share of 15.7 percent of the state’s total foreign trade.