DOHA: Qatar’s foreign merchandise trade balance, which is the difference between total exports and imports, in May 2018 showed a surplus of QR14.9bn that was QR4.2bn or 39.5 percent higher thab same month previous year.

The surplus has increased by nearly QR0.1bn or 0.5 percent compared to April 2018, according to a report on trade balance released yesterday by the Ministry of Development Planning and Statistics.

In May 2018, the total exports of goods (including exports of goods of domestic origin and re-exports) amounted to around QR24.8bn, showing an increase of 22 percent compared to May 2017, and increase by 3.4 percent compared to April 2018.

The imports of goods in May 2018 amounted to around QR9.9bn, showing an increase of 2.7 percent over May 2017. However, on a month on month (M-o-M) basis the imports increased by 7.9 percent.

The year-on-year (My 2017 to May 2018) rise in total exports was mainly due to higher exports of Petroleum gases and other gaseous hydrocarbons (LNG, condensates, propane, butane, etc.) that reached QR14.5bn approximately in May 2018, showing an increase of 20 percent.

Petroleum oils & oils from bituminous minerals (crude) reached QR4.1bn, registering an increase of 22.8 percent, and increase in the Petroleum oils & oils from bituminous minerals (not crude) reaching QR2.5bn, increased by 118.6 percent. In May this year, South Korea was at the top of the countries of destination of Qatar’s exports with close to QR4.2bn, a share of 17.1 percent of total exports, followed by Japan with almost QR3.8bn and a share of 15.2 percent, China with about QR3bn, a share of 11.9 percent.

US was the leading country of origin of Qatar’s imports in May with about QR1.8bn, a share of 18.2 percent of the imports, followed by China with QR1.2bn almost, a share of 12.4 percent, and India with QR0.6bn, a share of 6.4 percent.