Foreign Trade Volume Up 1.3% in 2024

Doha: Qatar’s foreign trade witnessed significant growth, marked by an expansion in the number of trade partners and diversification in import and export activities. Data indicates that the country’s foreign trade volume increased by 1.3 percent last year, reaching QR476.281bn, compared to QR470.224bn in 2023.

According to data from the National Planning Council, the total value of Qatari exports-including domestic goods and re-exports-stood at QR345.961bn in 2024, compared to QR355.815bn the previous year.  Imports reached QR130.319bn, up from QR114.409bn in 2023. 

Consequently, Qatar’s trade surplus (the difference between total exports and imports) for the year stood at QR215.642bn.

In terms of trade balance by economic regions or trade partners, Asia ranked first among Qatar’s trading partners, with trade volume totaling QR319.432bn in 2024. Exports to Asia reached QR267.077bn, accounting for 77.2 percent of Qatar’s total exports, while imports from Asia were QR52.355bn, or 40.2 percent of total imports. The trade surplus with Asia stood at QR214.722bn.

According to National Planning Council data obtained by Qatar News Agency (QNA), the European Union ranked second among Qatar’s main trading partners, with trade volume amounting to QR60.892bn. Exports to the EU totaled QR27.914bn (8.1 percent of total exports), while imports reached QR32.978bn, representing 25.3 percent of total imports, resulting in a trade deficit of QR5.064bn.

The Gulf Cooperation Council (GCC) countries ranked third in terms of economic regions for Qatar. Total trade volume with the GCC stood at QR52.080bn, with exports amounting to QR37.183bn (10.7 percent of total exports), and imports reaching QR14.897bn (11.4 percent of total imports). The trade surplus with GCC countries amounted to QR22.287bn.

The United States of America ranked fourth, with a total trade volume of QR22.328bn. Exports to the US were QR5.475bn (1.6 percent of total exports), while imports stood at QR16.853bn (12.9 percent of total imports), resulting in a trade deficit of QR11.377bn.

Other Arab countries ranked seventh with QR4.176bn, while Oceania came in eighth with QR3.150bn. Africa (excluding Arab countries) recorded a trade volume of QR2.442bn. The latest statistics indicate that Qatar’s economic openness index with foreign economies reached about 90.8% of GDP during the period 2017-2020, especially with the significant increase in trade exchange rates of exports and imports of goods and services between Qatar and many countries worldwide.