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Saturday, January 22, 2022

Qatar sees a 22% growth in trade exchange with China


Trade volume between both countries hit 42.7 billion riyals in 2020. 

Qatar recorded a 22 percent increase in trade volume exchange with China during the first quarter of the year, according to statistics by the Planning and Statistics Authority.

This is in comparison to the same period in 2020.

The trade volume for the first quarter reached a record of 14.01 billion riyals, with the total Qatari exports to China amounting to about 10.5 billion riyals during the first three months of 2021 – a 33 percent growth.

The report showed that the trade volume between both countries amounted to about 3.5 billion riyals, a decrease of 3 percent compared to last year, bringing the Qatar-China trade surplus to about 6.98 percent. This recorded a 40 percent increase over the same period in 2020.

According to the quarterly data, China topped all countries in terms of trade with Qatar during the first quarter of this year, acquiring about 15.9 percent of Qatar’s total trade volume.

Read also: QNB removes former finance minister from board following arrest: report.

On the other hand, the value of Qatari exports during the first quarter of this year has reached around 64 billion riyals, according to data from the Planning and Statistics Authority. This has recorded an increase of 7.5 percent [4.5 billion riyals], compared to the same period in 2020, which saw around 59.5 billion riyals.

The data indicates China was a significant destination for Qatar’s exports during the first three months of this year.

According to the figures, Qatari exports mainly included petroleum gases and hydrocarbons, petroleum oils, and oils of raw continental mineral materials.

Meanwhile, imports from China included flat, floating or submersible berths for drilling or production, telephone sets for cellular networks or other wireless networks as well as digital machines for processing.

The country is seen as a distinguished destination for Qatari investments in various sectors, given its leading economic placement worldwide.

Both countries also have several agreements and memoranda of understanding signed that play an essential role in encouraging and protecting mutual investments.

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