n August 2024, Qatar’s foreign merchandise trade balance recorded a surplus of QR 19.8 billion, marking a decline of QR 1.5 billion, or 7.2%, compared to the same month in 2023, according to the National Planning Council. This also represents a slight decrease of QR 0.3 billion, or 1.6%, compared to July 2024.
The total exports of goods, including domestic products and re-exports, amounted to approximately QR 30 billion in August 2024. This figure shows a year-on-year decrease of 4.6% compared to August 2023, and a month-on-month decline of 0.8% compared to July 2024.
Meanwhile, the total imports in August 2024 reached around QR 10.2 billion, reflecting a 0.9% increase from August 2023, and a 0.8% rise compared to the previous month.
The year-on-year decline in exports was primarily driven by lower sales of petroleum gases and other gaseous hydrocarbons, which accounted for QR 17.1 billion of exports in August 2024, representing a 3% decrease. Exports of petroleum oils and oils from bituminous minerals (crude) fell sharply by 29.5% to QR 4.8 billion, while exports of non-crude petroleum oils dropped by 5.9% to QR 3 billion.
China was the top destination for Qatari exports in August 2024, receiving goods worth nearly QR 5.9 billion, or 19.6% of total exports. South Korea followed with QR 3.6 billion (12.1% share), and India was third with QR 3.1 billion (10.2% share).
On the import side, “Turbojets, Turbopropellers, and Other Gas Turbines” were the top imported commodities, amounting to QR 0.69 billion in August 2024, an increase of 37% compared to the previous year. Motor vehicles for transporting passengers followed closely, with QR 0.69 billion in imports, marking a 43.4% increase. However, imports of “Parts of Balloons, Aircraft, and Spacecraft” fell by 35.6% to QR 0.3 billion.
The United States was Qatar’s largest import partner in August 2024, accounting for QR 1.42 billion, or 14% of total imports. China was a close second, contributing QR 1.41 billion (13.9% share), followed by Italy with QR 0.9 billion (8.5% share).
This trade report highlights a decline in Qatar’s export performance, particularly in the energy sector, while imports continue to show moderate growth. The shifts in trade patterns may reflect broader regional and global economic trends.