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Jeddah - Yasmine El Tohamy - RIYADH: Qatar reported a positive foreign merchandise trade balance for October 2023, with a surplus of nearly 19 billion Qatari riyals ($5.13 billion).
The recent data from the Planning and Statistics Authority revealed that goods exports across the month totaled around 29.1 billion riyals, indicating a 23.5 percent decrease from the same period last year.
Meanwhile, goods imports for October 2023 amounted to about 10.1 billion riyals, showing a 22.1 percent decrease year-on-year.
The overall surplus represented a decrease of about 6.1 billion riyals, or 24.2 percent, compared to the corresponding period in 2022.
The year-on-year decrease in total exports for October was primarily attributed to lower exports of petroleum gases and other gaseous hydrocarbons, amounting to approximately 16.4 billion riyals, a drop of 35.7 percent.
Exports of petroleum oils and crude, increased by 18.1 percent, reaching 6.4 billion riyals, and petroleum oils and oils from bituminous minerals, which are not crude, increased by 8.7 percent, reaching 2.4 billion riyals.
In October 2023, China emerged as the top destination for Qatar’s exports, accounting for nearly 6.1 billion riyals or 21 percent of the total, followed by India with almost 3.5 billion riyals and South Korea with about 2.5 billion riyals.
The leading imported commodities group during the period was “turbojets, turbo propellers and other gas turbines; parts thereof,” with 600 million riyals, reflecting a 19.2 percent increase.
“Motor cars and other motor vehicles for the transport of persons” secured second place with 500 million riyals, indicating a 2.4 percent increase, while “electrical apparatus for line telephony/telegraphy, telephone sets, etc.; parts thereof” ranked third with 400 million riyals, reflecting a 15.7 percent decrease.
China also stood out as the leading country of origin for Qatar’s imports in October 2023, contributing about 1.7 billion riyals, followed by the US with almost 1.4 billion riyals and India with 700 million riyals.
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