Qatar Economic Statistics

Silvia Andreoletti

Silvia is an intern at Trade Finance Global. She is currently finishing her BA in Philosophy, Politics, and Economics at New College, Oxford, with a focus on financial markets, game theory, and international relations.

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Importing from Qatar

Qatar’s major exports are crude oil and gas, with smaller but growing chemicals (primarily nitrogen fertilisers), ethylene polymer, and tourism exports. The country’s rapidly growing export industry is mostly based on oil, and leads to a large and steady trade surplus. It has large reserves of natural gas and is the world’s second largest exporter of it. Attempts to diversify have been successful, facilitating the export of fertilisers, plastics, and aluminium; hosting the FIFA World Cup in 2022 has further boosted its tourism and real estate industries. 

The country has been expanding its hydrocarbon sector through large infrastructure investments, such as the North Field Expansion project, which should massively increase natural gas production, and a new petrochemical complex. It is also committed to tackling climate change, pledging to have a carbon zero footprint by 2050, and opened its first solar energy facility in 2022. Because of its size, Qatar must rely on foreign allies for security: its most important security partner has historically been the US, and Turkey has recently stepped in to defend it in regional disagreements. 

Qatar is a resilient and peaceful country, with all executive and legislative power held by the hereditary emir and a somewhat influential elected body. Homosexuality is punishable by death for Muslims, and alcohol and pork meat sales are very limited. It is one of the most stable and prosperous countries in the region, owing to its strong and prosperous economy and suppression of the few protest movements. Scrutiny on the treatment of migrant workers, which make up the majority of the population, led to boycotts and international criticism prior to the 2022 World Cup, but these have decreased since then.

Importing from Qatar: What is trade finance?

Trade finance is a revolving facility in which lenders offer financing options – it enables businesses to purchase products and can help ease the pressure from working capital issues.

Generally, an export finance bank will fund up to 100% of the cost of the products, including charges (e.g. insurance costs).

Trade finance offers upsides over more traditional bank financing, for example bridging mortgages or loans. Trade finance provides quick funding without affecting existing bank relationships.

How does it work?

If you’re a business importing or exporting goods around the world, then a trade finance facility would assist your company through offering a letter of credit (LC) or some form of cash advance.

I’m looking to import from Qatar, how can Trade Finance Global help, and how does it work?

If you’re looking to import inventory from other countries, you may require import finance, which is an agreement between yourself (the importer) and the foreign exporter. A non-bank lender will act as the intermediary, paying the foreign exporter on your behalf until you get the products and have then sold them to your buyer. Repaying the financier then occurs over an agreed period of time

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