Revenues from Qatari exports increased by 34% compared to $72.9 billion 5 years earlier during 2019.
Qatari exporters experienced a -25.4% drop in revenues in 2023 from $131 billion for 2022.
From a continental perspective, $80.9 billion or 83.3% of Qatari exports by value was delivered to Asian countries while 13.3% was sold to importers located in Europe.
Qatar shipped another 1.6% worth of goods to customers in North America, with 1.3% going to Africa. At 0.24%, a smaller percentage was bought by buyers in Latin American nations (excluding Mexico) and Caribbean countries. Just 0.23% arrived in Oceania led by Australia and New Zealand.
Qatar’s Top 15 Trading Partners
Below is a list showcasing 15 of Qatar’s top trading partners, countries that imported the most Qatari shipments by dollar value during 2023. Also shown is each import country’s percentage of total Qatari exports.
- mainland China: US$19.3 billion (19.7% of total Qatari exports)
- South Korea: $12.3 billion (12.6%)
- India: $11.8 billion (12%)
- Japan: $7.8 billion (8%)
- Singapore: $7.1 billion (7.2%)
- United Arab Emirates: $4.2 billion (4.3%)
- Taiwan: $3.4 billion (3.5%)
- Italy: $3.4 billion (3.5%)
- Pakistan: $3.3 billion (3.4%)
- Belgium: $2.52 billion (2.6%)
- Thailand: $2.48 billion (2.5%)
- Bangladesh: $2.1 billion (2.1%)
- Kuwait: $1.9 billion (2%)
- United Kingdom: $1.7 billion (1.7%)
- France: $1.6 billion (1.6%)
Approaching nine-tenths (86.9%) of Qatari exports in 2023 was delivered to the above 15 trade partners.
Posting increases in their import purchases from Qatar from 2022 to 2023 were buyers in Taiwan (up 9.6%) and Singapore (up 6.3%).
Leading the year-over-year declines were Belgium (down -64.8% from 2022), France (down -56.6%), Italy (down -46.8%), Japan (down -37.8%) and Thailand (down -32.5%).
Qatar’s Trade Deficits by Major Country
As defined by Investopedia, a country whose total value of all imported goods is higher than its value of all exports is said to have a negative trade balance or deficit.
It would be unrealistic for any exporting nation to expect across-the-board positive trade balances with all its importing partners. Similarly, that export country doesn’t necessarily post a negative trade balance with each individual partner with which it exchanges exports and imports.
In 2023, Qatar incurred the highest trade deficits with the following countries.
- United States: -US$3.5 billion (country-specific trade deficit in 2023)
- Germany: -$1.6 billion
- Sweden: -$385.7 million
- Türkiye: -$369.6 million
- Switzerland: -$367 million
- Norway: -$335.8 million
- Canada: -$326 million
- Brazil: -$323.1 million
- Australia: -$297.3 million
- Vietnam: -$273 million
Among Qatar’s trading partners that cause the greatest negative trade balances, Qatari deficits with Vietnam (up 376.3%), Sweden (up 92.3%) and Canada (up 88.5%) grew at the fastest pace from 2022 to 2023.
These cashflow deficiencies clearly indicate Qatar’s competitive disadvantages with the above countries, but also represent key opportunities for Qatar to develop country-specific strategies to strengthen its overall position in international trade.
Qatar’s Trade Surpluses by Major Country
Qatar posted an overall US$66.3 billion trade surplus during 2023, shrinking by -32% from $97.5 billion in black ink for 2022.
Based on Investopedia’s definition of net importer, a country whose total value of all imported goods is lower than its value of all exports is said to have a positive trade balance or surplus.
In 2023, Qatar incurred the highest trade surpluses with the following countries:
- mainland China: US$14.7 billion (country-specific trade surplus in 2023)
- South Korea: $11.5 billion
- India: $10 billion
- Japan: $6.8 billion
- Singapore: $6.6 billion
- United Arab Emirates: $3.5 billion
- Taiwan: $3.3 billion
- Pakistan: $3.2 billion
- Belgium: $2.3 billion
- Thailand: $2.2 billion
Among Qatar’s trading partners that generate the greatest positive trade balances, Qatari surpluses with Taiwan (up 11.6%) and Singapore (up 6.8%) grew from 2022 to 2023.
Nevertheless, these positive cashflow streams clearly indicate Qatar’s competitive advantages with the above countries, but also represent key opportunities for Qatar to develop country-specific strategies to optimize its overall position in international trade.
Companies Servicing Qatari Trading Partners
Eight Qatari corporations rank among Forbes Global 2000 for 2022 albeit many of these are in the financial services. Below are samples from the 2022 Forbes listing.
- Qatar National Bank (regional bank)
- Ooredoo Telecom (telecommunications services)
- Industries Qatar (specialized chemicals)
Wikipedia lists export companies from Qatar. Selected examples are shown below.
- Qatar National Cement Company (cement manufacturing)
- Qatar Petroleum (oil, gas)
- Qatar Steel (steel, other basic materials)
- Qatargas (natural gas)
- RasGas (natural gas)
See also Qatar’s Top 10 Exports, Top Middle Eastern Export Countries and Saudi Arabia’s Top 10 Exports
Research Sources:
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on December 15, 2024
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on December 15, 2024
Investopedia, Net Exports Definition. Accessed on December 15, 2024
The World Factbook, Country Profiles, Central Intelligence Agency. Accessed on December 15, 2024
Trade Map, International Trade Centre. Accessed on December 15, 2024
Wikipedia, List of Companies of Qatar. Accessed on December 15, 2024
Wikipedia, Qatar. Accessed on December 15, 2024