Qatar reported its May export revenues this week, and while the numbers make bleak reading, they are at least an improvement on April. Total exports rose by $390mn to $3.64bn in May, down more than 40% year-on-year. In percentage terms, the biggest increase was from the non-hydrocarbon sector, which rose 27% to $900mn. The weakest increase meanwhile was the 7% rise in the value of exports of gas and NGLs to $2.26bn. This is by far the largest element of Qatar’s export slate, but weak performance is to be expected given that most of Qatar’s key LNG sales are under oil-linked contracts, which lag oil-price movements.