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Qatar’s trade with GCC up 64% in 2024

Qatar’s trade with GCC up 64% in 2024

Qatar’s trade with GCC up 64% in 2024

Jan 15, 2025

Doha: Qatar’s trade volume with the five Gulf Cooperation Council (GCC) countries has seen a 63.75% increase in 2024, according to data published by the National Planning Council (NPC).

Qatar’s bilateral trading volume with the five nations totalled QR35.13bn in first eight months of 2024, rising from QR21.458bn in the same period of 2023. 2024 full year data is yet to be published.

The United Arab Emirates (UAE) emerged as Qatar’s largest trading partner in the GCC countries, followed by Kuwait, Oman, Saudi Arabia, and Bahrain.

In the first eight months of 2024, Qatar’s bilateral trade volume with the UAE stood at QR18.9 billion, according to NPC. Of the total amount, Qatar exported goods and services worth QR14.865bn while imports from the UAE were valued at QR4.038bn.

Major exports included petroleum gases and other gaseous hydrocarbons, vessels for the transport of persons or goods, and acyclic hydrocarbons. Major imports from the UAE during this period were copper wire and gold.

Qatar’s single largest exports to the UAE were petroleum gases and other gaseous hydrocarbons worth QR8.8bn in the January-August 2024 period. The largest import categories were copper wire at over QR1bn and gold at QR640m.

Bilateral trade with Kuwait stood at QR7.36bn in same period. Qatari exports stood at QR5.18bn, while imports from Kuwait were valued at QR2.184bn. Among major exports and imports, Qatar exported petroleum gases and other gaseous hydrocarbons worth QR4.6bn to Kuwait, and imported petroleum oils and oils from bituminous minerals worth QR1.7bn during the eight months.

Oman stood third in the GCC with trade volume hitting QR4.8bn in the eight months. Qatari exports to Oman stood at QR2.1bn and imports at QR2.648bn with trade deficit of QR476m. Among major categories, Qatar imported petroleum oils and oils from bituminous minerals (crude) worth QR1.3bn. Major Qatari exports included petroleum oils and oils from bituminous minerals (not crude) worth QR899m, chemicals worth QR686m, and pig iron worth QR219m.

Trade with Saudi Arabia stood at QR3.3bn. Of this, QR2.39bn were exports and QR910m imports. The largest category of exports to Saudi Arabia were motor cars and other motor vehicles, worth QR663.5m. Other major exports included petroleum oils and oils from bituminous minerals (not crude) worth QR425.6m, tugs and pusher craft worth QR186.7m. The single largest imports from Saudi Arabia were bread, pastry, cakes, biscuits etc worth QR62.2m.

Bilateral trade with Bahrain stood at QR744.2m. Of this, QR127.4m were exports and QR616.7m were imports. Qatar imported iron ores and concentrates worth QR445.6m from Bahrain, while major Qatari exports to Bahrain included bars and rods of iron, and articles of jewellery. During August 2024, UAE was also Qatar’s fourth largest trading partner globally, with exports worth QR2.639bn and imports worth QR650m.

In 2024 so far, China, South Korea, India, Singapore and Japan remain Qatar’s largest export destinations while top five countries Qatar imported from remain China, United States, Italy, India and Japan.