The Gulf nation’s trade balance has surged by 64.9% on an annual basis with increased exports last year, a new report indicates.
Qatar has climbed five spots to rank sixth among countries with the highest trade surplus in 2022, with a recorded surplus of $97.5 billion, according to a new report.
The Gulf nation surpassed Germany, which now sits at seventh place with a surplus of $85.34 billion, representing a 2.5 times decrease from 2021 results, Russian news agency RIA Novosti said.
Meanwhile, China and Russia have become world leaders in terms of trade surplus, breaking their records for that indicator in 2022.
China’s trade surplus rose by 30%, reaching its peak point in the entire history of observations at $877.6 billion. Russia, on the other hand, increased its surplus by 1.7 times to a record $333.4 billion, allowing it to rise to second place among the largest economies globally.
Saudi Arabia secured third place ahead of Norway and Australia.
The study, based on data from the national statistical services of the 60 largest economies globally from January to December, included economies that disclosed data for 2022 and received a trade surplus as of mid-March.
The data underscores the growing importance of global trade, which continues to impact the world economy significantly.
According to the Planning and Statistics Authority (PSA), Qatar experienced a significant 64.9% annual surge in its trade balance, driven by increased exports.
The country’s trade balance surplus reached QR 354.85 billion in 2022, compared to QR 215.25 billion in 2021.
Qatar’s positive trade balance performance was underpinned by a notable 50.2% increase in its exports, which amounted to QR 476.71 billion in 2022, up from QR 317.42 billion in 2021.
However, the country’s imports also grew by 19.3% to reach QR 121.86 billion in 2022, compared to QR 102.17 billion in 2021. These figures illustrate Qatar’s growing presence in the global trade market and reflect the nation’s efforts to boost the economy through the exportation of goods.