(MENAFN- The Peninsula) By Mohammad Shoeb / The Peninsula
Qatar's trade balance (a surplus) for July 2017 reached QR11.9bn, witnessing a sharp increase of 78.1 percent (year-on-year), or about QR5.2bn, compared to the corresponding month last year (July 2016). The jump in the trade surplus was attributed to higher value of exports in July against a year ago.
However, when compared on month-on-month basis, the trade surplus has decreased by 4.8 percent, or by QR600m, compared to June 2017, data released by the Ministry of Development Planning and Statistics show.
The trade balance represents the difference between the total value of exports and imports of goods during a particular period of time. It can be either surplus or deficit or remain net balanced, depending in the value of exports and imports.
The Ministry yesterday released the preliminary value of exports of domestic goods, re-exports, and imports for the month of July.
In July 2017, the total exports of goods (including exports of goods of domestic origin and re-exports) amounted to about QR18.1bn, showing a year-on-year increase of 11.4 percent compared to July 2016, and decrease by 1.2 percent compared to June 2017.
On other hand, the imports of goods in July 2017 amounted to QR6.2bn, showing a decrease of 35 percent over July 2016. However, on a month on month (m-o-m) basis the imports increased by 6.3 percent.
The year-on-year (July 2017 to July 2016) increase in total exports was mainly due to higher exports of Petroleum gases and other gaseous hydrocarbons (LNG, condensates, propane, butane, among others) reaching at about QR11.2bn in July 2017, registering an increase of 7.8 percent, while decrease was shown in Petroleum oils & oils from bituminous minerals (crude) reaching at QR2.5bn nearly, decreased by 0.4 percent, and increase in the Petroleum oils & oils from bituminous minerals (not crude) reaching QR1.5bn, increased by 97.7 percent.
In July 2017, South Korea was at the top of the countries of destination of Qatar's exports with close to QR3.1bn, a share of 17.3 percent of total exports, followed by China with almost QR2.7bn and a share of 14.6 percent, Japan with about QR2.3bn, a share of 12.9 percent.
In July 2017, the group of 'Motor cars & other passenger vehicles, was at the top of the imported group of commodities, with QR400m, showing a decrease of 16.6 percent compared to July 2016.
In second place was 'Turbojets, Turbo propellers & Other Gas Turbines; Parts Thereof with QR300m, showing a decrease by 19.8 percent, and in third place was 'Parts of Aircraft and helicopters etc, with QR300m, decrease of 40.5 percent. In July 2017, United State of America was the leading country of origin of Qatar's imports with about QR1bn, a share of 16.1 percent of the imports, followed by China with QR700m almost, a share of 11.1 percent, and Japan with QR400m, a share of 6.7 percent.
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