Petroleum and crude oil exports reached about six billion QR, showing an increase of 35%.
Qatar’s trade balance surplus jumped 78% year-on-year in July to QAR 15.2 billion, the Gulf State News Agency (QNA) reported Sunday.
Citing data from the Planning and Statistics Authority (PSA), the news agency published preliminary figures on Qatar’s economic progress this year. The figures indicate around QAR 44 billion in value of domestic goods exports, both domestically sourced and re-exported in July.
The figure marks a 61.9% increase from July last year and a 12.4% increase from June this year.
As for imports of goods in July 2022, the PSA recorded around QAR 9.6 billion, an increase of 21.8% compared to the same month last year. July import data also shows a 2.9% increase from June of this year.
oil and gas
The year-on-year increase in exports was attributed to an increase in oil and gas exports, including liquefied natural gas (LNG), propane, butane and other gaseous hydrocarbons. In sum, exports reached QAR 30.6 billion in July this year, showing an increase of 90.3%.
At the same time, oil and crude oil exports reached around QAR 6 billion, showing an increase of 35%. On the other hand, non-crude oils reached QAR 2.9 billion, up 1.7%.
India tops the list of Qatar’s customers, accounting for a share of QAR 5.7 billion and 12.8% of total exports. Japan then comes as the second export destination, covering a share of 5.12 billion QR, or 11.55%.
South Korea comes in third place with around 5.8 billion QR, a share of 11.46%.
The three countries have long been the main destinations in Qatar’s energy market, sharing long-term contracts with companies from Asian countries. A report released earlier this month found that Qatar sends the majority of its LNG to China, followed by India and Japan.
QatarEnergy’s net profit for 2021 alone increased by 132% to QAR 92 billion, CNBC Arabia reported Sunday, citing financial statements.
According to the report, the energy giant’s overall revenue registered a 50.1% increase last year, amounting to QAR 124.7 billion, with an 18% increase in expenditure which stood at 65, 7 billion QR.
According to QNA, turbojets, turboprops as well as other gas turbines topped imports, amounting to QAR 0.8 billion, an increase of 26.3%.
In second place, electrical appliances for line telephony, telegraphy and their parts reached 0.33 billion QR, an increase of 49.8%. Next come automobiles and “passenger vehicles” at QAR 0.32 billion, an increase of 12.5%.
China took the lead in July this year in terms of imports from Qatar, with up to QAR 1.7 billion, or 17.3% of total imports.
The Asian country was followed by the United States with up to 1.6 billion QR, a share of 16.7%, followed by India with 0.6 billion QR, a share of 6, 2%.