Qatar’s private sector has exceeded 10 billion riyals (2.7 billion dollars) during the eight months of this year, according to Qatar Chamber’s latest report.
The boost of exports, specifically in August, is thanks to the government’s robust response and solutions to the challenges posed to the economy by the pandemic, ensuring the provision of goods and services to the public at a reasonable price.
In their report, the Chamber highlighted the government’s continuous efforts to overcome obstacles facing producers and their efforts to encourage businesses to produce goods and services, leading to this increase in exportation.
In August, with a value of 299 million riyals (32.1%), India ranked first in the ranking of countries that represent the destination of private-sector exports. Oman shortly followed with 18.6%, then Turkey with 10.1%. Netherlands and Singapore come last, with a sum of 13.4%.
In addition, the total volume of the country’s foreign merchandise trade also amounted to about 21.1 billion riyals (5.7 billion dollars) in August, marking a 0.5% increase compared to the volume of foreign trade for last July.
The trade balance, however, scored an increase of 11.3% compared to July, achieving 6.9 billion riyals in August.
Qatar’s largest trading partner in terms of the total volume of foreign trade was China, the report said, accounting for roughly 3.5 billion riyals, or 16.6% of the country’s total foreign trade.
Earlier this month, Qatar Financial Center’s [QFC] latest survey said output and new business continued to register growth in Qatar, with firms fully operating after months of partial lockdown.
The latest figures showed great improvement in the country’s business conditions, registering a topline PMI of 51.4 in September – third-highest figure in over two years – down from 57.3 the previous month.