By Santhosh V Perumal
Business Reporter

A sharp double-digit fall in hydrocarbons exports and higher imports led Qatar report a 49.7% decline year-on-year (y-o-y) in trade surplus to QR12.24bn in October this year, according to official figures.
South Korea, Japan, India, China and the UK were among the top destination of Qatar’s exports but shipments to Asian countries witnessed a substantial double-digit plunge y-o-y in October this year, the figures of the Ministry of Development Planning and Statistics (MDPS) revealed.
China, the US, Germany, the UAE and Japan were among the top five destinations from where Qatar imported merchandise goods.
The precipitous overall fall in the country’s trade surplus is rather reflective of the considerable drop in the energy prices, which is 50% lower than the 2014 levels.
The trade surplus of Qatar, which has now embarked on fiscal austerity measures and diversification to mitigate the risks from concentration in hydrocarbons, however, rose 1.1% compared to that in September 2015 mainly due to perceptibly higher exports of crude.
The country’s total exports (valued free-on-board) plunged 33.3% y-o-y to QR22.6bn but it grew 6.7% month-on-month.
The country’s total exports of domestic products shrank 34.2% to QR21.84bn in October 2015; even as those expanded 9.5% against September this year.
Qatar’s non-crude exports declined the most at 49.8% to QR0.92bn, crude by 39.9% to QR3.34bn and petroleum gases and other gaseous hydrocarbons by 37.5% to QR13.83bn; while other commodities’ exports rose 2.4% to QR3.76bn.
Against September 2015 levels, there was 30.5% increase in exports of crude, 12.9% in other commodities, 5% in petroleum gases and other gaseous hydrocarbons and 4% in crude. Petroleum gases and other gaseous hydrocarbons constituted 63.32% of total exports of domestic products in October 2015 compared to 66.67% a year-ago period; crude petroleum oils 15.29% (16.73%), non-crude petroleum oils and bituminous minerals 4.21% (5.52%) and other commodities 17.22% (11.06%).
On export destinations, South Korea accounted for 17% of total exports in October 2015, followed by Japan 16%, India 14%, China 8% and the UK 6%.
Qatar’s exports to Japan shrank 55.84% y-o-y to QR3.59bn, China by 54.59% to QR1.73bn, South Korea by 32.92% to QR3.77bn and India by 26.03% to QR3.04bn; whereas those to the UK expanded 81.79% to QR1.34bn.
The country’s re-exports had reported 7.5% growth y-o-y to QR0.76bn but it substantially declined 38.8% compared to the previous month’s levels.
Total imports (valued at cost insurance and freight) surged 8.5% y-o-y to QR10.37bn in October this year on higher shipments from Germany, China, the UAE and the US; while those from Japan was on the decline. Imports had shot up 14.1% compared to those in September this year.
China accounted for 13% of Qatar’s imports in October 2015, followed by the US 11%, Germany 9%, the UAE 8% and Japan 7%.
Qatar’s imports from Germany surged 77.69% y-o-y to QR0.89bn, China by 37.66% to QR1.29bn, the UAE by 36.44% to QR0.87bn and the US by 16.05% to QR1.16bn; while those from Japan fell 4.57% to QR0.75bn.
Motor cars, parts of aircraft and helicopters and electrical apparatus comprised the main components in Qatar’s import basket.
The imports of electrical apparatus grew 30.8% y-o-y to QR0.29bn, motor cars and other motor vehicles form transport of people by 27.9% to QR1bn, parts of aircraft and helicopters by 15.7% to QR0.59bn and other commodities by 5.5% to QR8.49bn.