Qatar’s total exports dropped by 35.5 percent year over year in the third quarter, dragged down by a 38.5-percent slump in exports of energy commodities and products, one of the biggest exporters of liquefied natural gas (LNG) in the world said on Sunday.
The value of total Qatari exports in Q3 declined to US$11.3 billion (41.1 billion Qatari rial), down by 35.5 percent compared to the third quarter of 2019, the country’s Planning and Statistics Authority said in a statement.
The main reason for the drop in exports was the decline in exports of mineral fuels, lubricants, and related materials. Those exports fell by US$5.8 billion (21 billion Qatari rial), or by 38.5 percent year over year, Qatar’s statistics authority said.
All major oil and gas exporters in the Middle East have been suffering from a slump in energy-related revenues this year after the pandemic led to decreased demand for oil and gas and low oil and gas prices.
The world’s top oil exporter, Saudi Arabia, for example, is losing US$27.5 billion in oil revenues this year, Saudi Crown Prince Mohammed bin Salman said earlier this month, admitting that the current oil income is not enough to cover the Kingdom’s salaries bill.
Qatar is actually one of the better positioned resource-rich countries in the Middle East when it comes to resilience to withstand this year’s price shocks.
