Qatar is known for being a strong exporter of oil, but for its exports on other products, the country has also recorded a significant increase for the month of October. In particular, Qatar’s other exports have increased by 13.3 percent compared to the previous month. This is according to a report by the Qatar Chamber of Foreign Trade.
This report included 67 countries, 13 of which belong to the Arab nations, for the month of November, while the foreign trades of 61 countries to Qatar were considered for the October report. For the November report, 15 countries from Europe, 20 from Asia, and 13 from Africa were also included. Indeed, Qatar’s economy continues to grow as exports maintain its steady rise.
Oil and Non-oil Exports from Qatar Sees Constant Growth
Oman is Number One
The report mentions Oman as the number one country exporting from Qatar. Twenty-three percent of the total value of all exports from Qatar, excluding oil, goes to the Arab country. The second highest exporter is the Netherlands, amounting to 15.3 percent. The United Kingdom comes in at third, with 9.4 percent, Singapore at 7.02 percent, and completing the top five is China at 6.4 percent. Included in the top ten are Bangladesh, Denmark, Germany, India and Turkey, respectively. All top ten countries account for about 86 percent of all exports aside from oil.
Qatar Defies Challenges
All across the world, the year 2018 has been a challenging year economy-wise. Prices of oil has been unstable, but somehow Qatar has seen a six percent growth in the private sector. This is according to the Minister of Finance, HE Ali Sherif al-Emadi at a recent forum held in Doha. This growth is part of an amazing trend that the country has been in for the last twenty years, making it one of the richest countries in the world.
Emerging Markets
According to the finance Minister, a majority of the energy exports, forty percent to be exact, have gone to emerging markets. Qatar Airways has played a role in this, since it has managed to connect to around 100 cities from emerging markets. Connectivity has indeed been significant in Qatar’s progress, as well as implementing more liberal trade rules and better governance. Emerging markets are really important not just for Qatar but for the entire world as well, as this market represents a little more than half of the total GDP of the world. Aside from emerging markets, Qatar will continue to trade with the United States, which is still the dominant country that it has been economically. Asian countries, specifically India and China, are also important partners.
As Qatar exports continue to grow, its economy flourishes, and it becomes an even greater place to stay. If you plan to visit Qatar, here are some nice hotels you can check into.