Qatar-GCC trade to rise in 2021
The volume of trade between Qatar and the GCC is set to rise significantly this year, after reopening of Saudi border and normalisation of relations between Qatar and its neighbours.
In the last three years, Qatar’s trade with the GCC included imports and exports with Oman and Kuwait only. But, with relations getting back to normal, Qatar-GCC trade will also include imports and exports with Saudi Arabia, Bahrain and the United Arab Emirates. This will have a major positive impact on trade between Qatar and the GCC.
QNA reported yesterday that Saudi customs at Salwa Port has begun receiving arrivals from Qatar. As per the report, the Saudi customs, at Salwa border crossing with Qatar, began operations as the border port received a number of arrivals, coming from Qatar, completing all customs procedures, according to the health procedures followed in all ports.
According to the data available with the Planning and Statistics Authority, Qatar’s total trade volume with the GCC in the third quarter of last year was around QR3.18bn. Of this total trade, Qatar’s exports to the GCC countries were around QR2.47bn while the imports by Qatar from the GCC were around QR707m.
“The opening of border between Qatar and Saudi Arabia is very good news for overall trade. Now we will see a smooth flow of goods between Qatar and the GCC. We expect rise in the trade of food items, pharmaceutical products and construction-related products in the coming months,” Chief Financial Officer of a construction company told The Peninsula.
The official said “Apart from the flow of goods, the opening of border is also good news for service sector. We will see resumption of movement of professionals from the service sector. We have already read news about cars entering Saudi Arabia yesterday.”
The trade volume between Qatar and the GCC has remained stable during last year. During the second quarter of the last year, the total trade volume between Qatar and the GCC was around QR3.72bn. In this, the total exports from Qatar were around QR2.96bn while imports by Qatar were around QR755m.
During the first quarter of last year, the trade volume between Qatar and the GCC was around QR2.46bn. In this total trade, Qatar’s exports to the GCC countries were around QR1.63bn while imports by Qatar were around QR830m.
Source: The Peninsula