Qatar’s export revenues fell to $26.32bn for Q1, down 16% on the previous quarter’s $31.16bn and $2bn on Q1 2022 as a result of declining oil and gas prices. Hydrocarbons make up around 87% of the emirate’s export revenues, and 2022 saw prices skyrocket amid the huge market dislocations following Russia’s invasion of Ukraine. Export revenues peaked at $36.67bn in Q3.

On a monthly basis, March’s export revenues of $8.47bn was the lowest figure since October 2021’s $8.26bn, underlining that the trend remains downwards. However, while revenues will likely drop further in Q2, they remain at a healthy level. (CONTINUED - 849 WORDS)