In 2024, Qatar saw a 64 per cent increase in trade with GCC countries, reaching 35.13 billion Qatari Rials (USD 9.64 billion) in the first eight months. Most of this trade volume was with the United Arab Emirates (UAE), followed by Kuwait, Oman, Saudi Arabia and Bahrain. The UAE was Qatar's largest trading partner with 18.9 billion Rials (USD 5.18 billion), while the bulk of Qatar's exports to the UAE were oil gases and gas hydrocarbons. The trade volume with Kuwait was recorded at 7.36 billion Rials (2.02 billion USD), with oil gases again being the largest export item.
The volume of trade with Bahrain reached 744.2 million Rials (204 million USD), with Qatar importing iron ore and concentrates from Bahrain (445.6 million Rials / 122 million USD) and exporting iron bars and jewellery to Bahrain. The volume of trade with Oman totalled 4.8 billion Rials (1.31 billion USD), where Qatar's imports consisted of petroleum oils, while the largest export item was unprocessed petroleum oils. Trade with Saudi Arabia totalled 3.3 billion Rials (USD 906 million), with Qatar's largest export item being motor vehicles.
Qatar's largest export markets as of 2024 include China, South Korea, India, Singapore and Japan. Import sources consist of China, the USA, Italy, India and Japan. The increase in Qatar's trade with GCC countries shows that regional trade is strengthening and economic co-operation is deepening.
The data indicate that trade with the GCC countries constitutes an important source of growth for the Qatari economy and that these relations may further strengthen in the future. This increase shows that Qatar is diversifying its trade based on energy exports as well as industrial and commercial products.
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