Qatar is exporting more to its fellow GCC states than prior to the embargo, with the value of exports roaring back to a multi-year high in Q2 this year. Exports to the GCC exceeded $1.6bn last quarter for the first time in records stretching back to 2016.
Clearly the end of the Saudi and UAE-led embargo at the start of the year (MEES, 8 January) has helped to boost trade flows. Exports to Saudi Arabia resumed at low levels in Q1 (MEES, 4 June) and last quarter edged up further to $40mn. Given that even prior to the embargo Qatari exports to Saudi Arabia were typically just $100-150mn, big gains seem unlikely. Exports to Bahrain meanwhile are barely a rounding error. (CONTINUED - 595 WORDS)