Qatar’s Export Revenues Hit A Four-Year High Despite Ongoing Embargo

Saudi’s Crown Prince Muhammad said last week that Qatar’s economy was strong despite the ongoing Saudi-led embargo. He was right, and the latest trade data shows that Qatar’s export revenues are at their highest level since late-2014.

When Saudi Arabia, UAE, Bahrain and Egypt imposed an economic embargo on Qatar in June 2017 they may have expected the emirate to acquiesce swiftly ( MEES, 9 June 2017 ). But as the world’s largest LNG supplier and a major condensate exporter, amongst other liquids, Qatar always looked capable of surviving the blockade with minimal disruption ( MEES, 9 June 2017 ).

The release of September’s trade stats shows that Qatar has now racked up five consecutive quarterly export revenue gains since the embargo started in 2Q 2017. Having accrued a $37.6bn trade surplus in 2017, Qatar has already exceeded that this year with $38.6bn over the first nine months of 2019.

These increases contributed to Qatar achieving its first quarterly budget surplus since 4Q 2015 in 1Q 2018, albeit a modest $260mn ( MEES, 3 August ). Latest figures show it backed this up with a $1.67bn Q2 surplus, putting the emirate on track to secure its first annual budget surplus since 2014’s $25.3bn. (CONTINUED - 699 WORDS)

DATA INSIDE THIS ARTICLE

chart 1: Qatar’s Export Revenues On Track To Hit $80bn In 2018 ($bn)…
chart 2: ...As Quarterly Revenues Break Past $20bn
chart 3: Key Buyers Of Qatari Condensate In September (%)