Petroleum and crude oil exports reached around QAR six billion, showing a 35% increase.

Qatar’s trade balance surplus jumped by 78% on a year-over-year basis in July, amounting to QAR 15.2 billion, the Gulf state’s news agency (QNA) reported on Sunday.

Citing data from the Planning and Statistics Authority (PSA), the news agency reported preliminary figures of Qatar’s economic progress this year. The figures point to roughly QAR 44 billion in the value of exports of domestic goods, both of domestic origin and reexports in July.

The figure marks a 61.9% increase in comparison to July last year and a 12.4% increase in comparison to June this year. 

As for the imports of goods in July 2022, the PSA recorded around QAR 9.6 billion, representing a 21.8% spike in comparison to the same month last year. The July data on imports also display a 2.9% surge in comparison to June this year.

Oil and gas

The year-on-year rise in exports has been attributed to a surge in petroleum and gas exports, including liquified natural gas (LNG), propane, butane, along with other gaseous hydrocarbons. In sum, the exports reached QAR 30.6 billion in July this year, exhibiting an increase of 90.3%. 

Meanwhile, petroleum and crude oil exports reached around QAR 6 billion, showing a 35% increase. On the other hand, non-crude oils reached QAR 2.9 billion, a 1.7% rise.

India topped the list of Qatar’s customers, representing a QAR 5.7 billion share and a 12.8% percent of total exports. Japan then comes as the second top destination for exports, covering QAR 5.12 billion share, representing 11.55%.

South Korea came third place with around QAR 5.8 billion, marking a share of 11.46%.

The three countries have long represented the top destinations of Qatar’s energy market, sharing long-term contracts with companies of the Asian nations. A report earlier this month revealed that Qatar sent the majority of its LNG to China, followed by India and Japan.

QatarEnergy’s net profit in 2021 alone witnessed a 132% spike, amounting to QAR 92 billion, CNBC Arabia reported on Sunday, citing financial statements.

According to the report, the energy giant’s overall revenue last year saw a 50.1% increase, representing QAR 124.7 billion, with an 18% increase in expenses that amounted to QAR 65.7 billion.

Top imports

According to QNA, turbojets, turbo propellers along with other gas turbines topped imports, amounting to QAR 0.8 billion, an increase of 26.3%.

Coming second, electrical apparatus for line telephony, telegraphy and such parts reached QAR 0.33 billion, a 49.8% increase. This was followed by motor cars and “vehicles for the transport of persons” at QAR 0.32 billion, an increase of 12.5%.

China took the lead in July this year in terms of Qatar’s imports, with up to QAR 1.7 billion, representing 17.3% of overall imports.

The Asian country was followed by the US at up to QAR 1.6 billion, representing a share of 16.7%, followed by India with QAR 0.6 billion, a share of 6.2%.