The Qatar-US monthly trade exchange witnessed a remarkable growth in November 2019. The bilateral trade volume in goods between the two countries reached $849.5m (QR3.09bn) in November, registering a sharp jump of over 111 percent compared to $401.6m (QR1.46bn) in the previous month (October 2019), latest official data show.
The combined value of Qatar-US trade exchange during the first 11 months of 2019 (January-November) amounted to QR24.34bn ($6.68bn), with the US trade surplus (for the 11-month period) reaching at QR12.57bn ($3.45bn). This huge trade surplus is nearly 35 percent higher compared to QR10.41bn ($2.86bn) reported for the full year in 2018. With the release of December figures, the US trade surplus with Qatar is likely to touch a higher level.
The US exports to Qatar during the January-November period stood at $5.07bn, while its imports from Qatar remained at $1.61bn, according to the latest online data available at the US Census Bureau website.
When analyzed on a monthly basis, November 2019 recorded the highest trade volume during the 11 month period, which was also one of the highest monthly figures in the past few years. The total US exports to Qatar in November peaked at $773.5m, recoding a nearly 200 percent growth (m-o-m) compared to $263m in October 2019, while its imports from Qatar remained at $76m, down over 82 percent against $138.6m in the previous month.
The trade balance was skewed in favor of the US. The monthly US trade surplus against Qatar for November 2019 stood at $697.5m (QR2.54bn), showing a remarkable jump of over 460 percent compared to $124.3m in the previous month (October 2019).
Bilateral trade volume in goods between Qatar and the US had peaked in 2014 at $6.91bn (QR25.16bn) with US exports to Qatar at $5.17bn and imports at $1.74bn. The US trade surplus with Qatar in 2014 reached at $3.43bn. But this peak trade volume is likely to be breached in 2019. The transportation equipment, including aircraft, accounts for the majority of US exports to Qatar.
US exports to Qatar constitute a major part of the local economy; while the US continues to heavily export advanced technologies such as commercial aircraft, vehicles, heavy equipment, satellite, and communications equipment.
The US is a leading investor in Qatar’s oil and gas sector helping produce more than two-thirds of the country’s LNG output.
Bilateral trade and economic cooperation is to reach new highs with a significant jump in trade volumes in the coming years as both sides are working very closely and aggressively to expand and deepen the relationship in new areas, including more cooperation in small and medium-sized enterprises (SMEs) sector.