Qatar-GCC Trade Volume Grew 63.75% in 2024

Qatar’s National Planning Council (NPC) has said that the country’s trade volume with the five Gulf Cooperation Council (GCC) countries has seen a 63.75% increase in 2024.

Qatar’s bilateral trading volume with the five nations totalled $9.69 billion in the first eight months of 2024, compared with $5.92 billion during the corresponding period in 2023. The full year data for 2024 is yet to be published.

Among the five countris, the 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 $5.21 billion NPC said. Of this, Qatar exported goods and services worth $4.1 billion while imports from the UAE were valued at $1.11 billion.

The major exports to the UAE 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 $2.43 billion between January and August last year and the largest import categories were copper wire at over $280 million and gold at $176.46 million.

The bilateral trade with Kuwait stood at $2.03 billion in same period with exports accounting for $1.43 billion, while imports from Kuwait were valued at $600 million. Among major exports and imports, Qatar exported petroleum gases and other gaseous hydrocarbons worth $1.27 billion, and imported petroleum oils and oils from bituminous minerals worth $470 million during the eight months.

Oman has been the largest trading partner in the GCC with trade volume hitting $1.32 billion as exports to Oman stood at $580 million and imports at $730 million with trade deficit of $131.25 million.

Among the major categories, Qatar imported petroleum oils and oils from bituminous minerals (crude) worth $360 million and major Qatari exports included petroleum oils and oils from bituminous minerals (not crude) worth $247.89 million, followed by chemicals ($189.15 million), and pig iron worth $60.39 million.

Trade with Saudi Arabia stood at around $910 million which included exports totalling $660 million and imports worth $250.92 million.

Trade with Saudi Arabia

The largest category of exports to Saudi Arabia were motor cars and other motor vehicles, worth $182.95 million. Other major exports included petroleum oils and oils from bituminous minerals (not crude) worth $117.35 million, tugs and pusher craft ($51.48 million). The single largest imports from Saudi Arabia were bread, pastry, cakes, biscuits among others worth $17.15 million.

Bilateral trade with Bahrain stood at $205.2 million. Of this, $35.13 million were exports and $170.05 million were imports. Qatar imported iron ores and concentrates worth $122.87 million, while major Qatari exports to Bahrain included bars and rods of iron, and articles of jewellery.

During August 2024, the UAE was also Qatar’s fourth largest trading partner globally, with exports worth $730 million and imports worth $179.23 million.

Globally, 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, NPC added.