Qatar’s trade surplus rises 2% y/y to USD 8.9bn in June 2013

By bne IntelliNews August 29, 2013

Qatar’s foreign trade surplus increased 2% y/y to QAR 32.15bn (USD 8.9bn) in June 2013, quickening from a 0.5% rise a month earlier as exports growth strengthened while that of imports slowed, data from the stats office showed. Total exports (including re-exports) rose 2.4% y/y to QAR 39.77bn in June and imports grew 4.1% (up 7.3% in May) to QAR 7.62bn.

Petroleum gases and other gaseous hydrocarbons exports edged down 0.3% y/y to QAR 25.72bn (64% of total sales) in June. Petroleum oils and oils from bituminous minerals exports rose 9.6% y/y to QAR 7.12bn.

The main export markets were Japan with a share of 28% of the total, followed by South Korea and India with 18% and 11%, respectively.

Motor cars and other passenger vehicles and aircraft spare parts remained the main imported products in June. The US was the main import market (13% of the total), followed by China and the UAE with 11% and 8% respectively.

Qatar's current account (CA) surplus expanded 32% y/y to QAR 71.3bn in January-March 2013 mainly on rising trade surplus which helped offset falling services and other components income. The CA surplus accounted for roughly 38.5% of the full-year GDP forecast. 

The IMF forecast 29.3% of GDP current account surplus in 2013.

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