Doha: The Qatar-US bilateral trade volume reached at all time high in 2019 breaching the previous peak level recorded in 2014. The total value of goods exchanged between the two countries during the year jumped to nearly QR30bn ($8.15bn), registering a double-digit growth of 36 percent (year-on-year) compared to QR21.84bn ($5.99bn) in 2018, latest official data show.
The trade was skewed in favour of the US, which is one of Qatar’s largest trade partners and import destinations. The US trade surplus against Qatar in 2019 reached at QR17.34bn ($4.76bn), which is also the all time high, registering a sharp jump of 67 percent compared to compared to QR10.4bn ($2.85bn) for the corresponding period previous year (2018).
According to the latest data published by the US Census Bureau on its website, the total value of US exports of goods to Qatar in 2019 stood at QR23.52bn ($6.46bn)—all time high—, while its imports from Qatar reached at QR6.15bn ($1.69bn) (second highest ever), and slightly higher compared to $1.57bn in 2018.
The remarkable growth in annual bilateral trade volume in 2019 can be attributed to significant surge in US exports of goods to Qatar, especially during the last two months of the year. The combined value of US exports of goods for November ($773.5m) and December ($1.39bn) stood at QR7.88bn ($2.16bn).
The exceptional exchange of goods in 2019 breached the previous peak trade volume which was recorded in 2014. The bilateral trade volume in 2014 had reached at $6.91bn (QR25.16bn) with US exports to Qatar at $5.17bn and imports at $1.74bn. The US trade surplus with Qatar in 2014 had stood at $3.43bn. When compared to 2014 figures, the trade volume in 2019 was nearly 18 percent higher.
The US exports to Qatar constitute a major part of the local economy, while the US continue to heavily export advanced technologies such as commercial aircraft, vehicles, heavy equipment, satellite and communications equipment.
The US is also a leading investor in Qatar’s oil and gas sector helping produce more than two thirds of the country’s LNG output. The bilateral trade and economic cooperation is expected to reach new highs with a significant jump in trade volumes in the coming years as both sides are working very closely and aggressively to expand and deepen the relationship in new areas, including more cooperation in small and medium-sized enterprises (SMEs) sector.
The bilateral economic cooperation between Qatar and the US has further deepened over the last few years as a result of aggressive efforts in boosting the ties. The US is the largest destination of Qatari investment outside the country. The value of Qatar-US economic partnership has reached $185bn (QR674bn).
