Qatar’s Planning and Statistics Authority released a report highlighting a trade surplus of 22 billion Qatari riyals ($6 billion) in April 2023.
This represents a 3.5% increase compared to the previous month but indicates a decline of 35.6% on an annual basis.
During the same period, the value of merchandise imports dropped by 6.3% year-on-year and 9.3% month-on-month, reaching an estimated 8.7 billion riyals.
April also saw a significant decrease of 33.2% in the value of Qatar’s exports of oil, gas, and condensate, amounting to 18.6 billion riyals compared to the previous year.
China and South Korea emerged as the primary destinations for Qatar’s exports in April, accounting for a combined total of over a third of the country’s export value.
China topped the list with 5.6 billion riyals, making up 18.3% of the total exports, followed by South Korea with 5.1 billion riyals, representing 16.6% of the overall exports.
In addition to the trade data, Qatar’s real estate sector recorded transactions worth 343 million riyals from May 14 to 18, concentrated in various regions including Doha, Al-Rayyan, Al-Daayen, Al-Wakra, Umm Salal, Al-Khor, Al-Thakhira, and Al-Shamal.
These developments reflect the ongoing efforts of Qatar and other Gulf countries to diversify their economies away from oil, with the non-oil sector experiencing significant growth.
Prime Minister Sheikh Mohammed bin Abdulrahman Al-Thani emphasized the country’s progress, noting a 9.9% increase in the non-oil sector during the fourth quarter of 2022 and a 4.8% rise in oil activities.
