Qatar's trade surplus amounted to QR93.4bn in 2020 with Asia emerging as the major partner, according to the official statistics.
Total exports were valued at QR187.48bn, while imports were at QR94.04bn, said the figures released by the Planning and Statistics Authority (PSA).
On a year-on-year basis, the country's trade balance nevertheless saw 41.3% shrinkage with exports declining 29.4% and imports by 11.5%, it said.
The decrease in total exports was mainly due to lower exports of mineral fuels, lubricants and related materials by QR74.5bn (32.7%), manufactured goods by QR2.4bn (30.5%), chemicals and related products by QR2.1bn (10.3%) and crude materials, inedible, except fuels, by QR1.1bn (79.0%).
On the other hand, increases were recorded mainly in machinery and transport equipment by QR1.1bn (20.0%), and miscellaneous manufactured products by QR0.9bn (44.9%).
The weaker imports reflected decreases in machinery and transport equipment by QR4.2bn (10.0%), miscellaneous manufactured articles by QR2.9bn (15.0%), crude materials, and inedible, except fuels, by QR2.8bn (50.7%), mineral fuels, lubricants and related materials by QR1.1bn (58.9%), manufactured goods by QR0.9bn (5.9%), and Food and live animals by QR0.3bn (2.4%).
On the other hand, increases were recorded mainly in chemicals and related products by QR0.4bn (4.6%).
Trade surplus had declined 16.8% in 2019 but it had seen 39.9% and 48.9% expansion in 2018 and 2017 respectively.
During 2020, Asia was the principal destination of Qatar’s exports and the first origin of Qatar’s imports, representing 79.9% and 38.6% respectively, followed by the European Union, accounting for 8.8% and 30.9% respectively, and the GCC or Gulf Co-operation Council, with 5.3% and 3.3% respectively.
An International Monetary Fund paper had earlier said given that low intra-GCC trade is mostly due to similar economic structures of the member countries, the greater regional trade can be boosted by diversifying the economy toward tradables.
Qatar’s exports to the US accounted for 2.4% of the total exports and imports 15.9% in the review period.
In the case of the other American countries, Doha's exports constituted 0.8% of the total and imports 2.8% at the end of 2020.
Qatar's exports to the Africa (except Arab countries) accounted for 0.7% of the total exports and imports constituted 0.6% in 2020.