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Qatar

Qatar’s trade with siege countries minuscule

Published: 24 Sep 2017 - 10:05 am | Last Updated: 28 Dec 2021 - 05:44 pm
Peninsula

Sachin Kumar | The Peninsula

The siege imposed by some countries on Qatar will have no impact on its overall global trade.

The trade between Qatar and blockade countries is minuscule compared to the country’s global trade. 

Qatar’s trade with blockade countries is just 6.7 percent compared to the trade of Qatar with its three major trade partners such as Japan, South Korea and India, according to the figures shared on Twitter account of Government Communications Office yesterday. 

“Qatar’s combined value of trade with the blockading countries is $4bn a year compared with $60bn with Japan, South Korea and India. The country has not missed or delayed a single shipment since the start of the blockade,” said the Government Communications Office on its Twitter account. 

It means that the share of siege countries’ annual trade in Qatar’s annual global trade will be even smaller, showing the blockade will have an insignificant effect on Qatar’s total trade. The trade figures show that Qatar has strong economic ties all over the world. 

The country is in comfortable position to defend its currency and its economy, thanks to its huge assets and foreign investments.

“Qatar’s assets and foreign investments comprise more than 250 percent of country’s Gross Domestic Product (GDP). We can defend our currency and the economy,” tweeted the Government Communications Office. 

Japan, South Korea, India and China are among the largest export markets of Qatar. In June 2017, South Korea was at the top of the countries of destination of Qatar’s exports with close to QR3.5bn, with a share of 19.3 percent, followed by Japan with almost QR3.1bn and a share of 16.9 percent and India with about QR2.1bn, with a share of 11.3 percent.

The total exports of goods (including exports of goods of domestic origin and re-exports) from Qatar amounted to around QR18.4n in June 2017.

“Qatar is proud of its economic ties with partners around the world, which have only been strengthened since the beginning of the blockade,” said the office.

“Qatar has accelerated its plan for economic self sufficiency. Qatar has discovered new sources for staple items like food and medicine. Qatari people have rallied in support of their nation and their leaders,” said the office.

Qatar is the world’s biggest exporter of LNG, GTL (Gas-to-Liquids) and Helium. Developed in partnership with Qatar Petroleum, Pearl Gas-to-Liquids is the world’s largest GTL plant.

According to the communications office, the blockade is a catalyst for Qatar to build a diversified and self sufficient economy.