Importing from Qatar - Trade Finance Global

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Importing from Qatar

Last updated on 04 Aug 2024
13 Mar 2019 . 2 min read

Qatar Country Profile

Official Name (Local Language) Dawlat Qatar

Capital Doha

Population 2,258,283

Currency Qatari Rial

GDP $156.6 billion

Languages Arabic

Phone Dial In 974

Qatar Exports Profile

Exports ($m USD) 32,060

Number of Export Products 3,865

Number of Export Partners 114

Qatar Economic Statistics






Government Website
https://portal.www.gov.qa/
Sovereign Ratingshttps://countryeconomy.com/ratings/qatar
Central Bank
Qatar Central Bank
Currency USD Exchange Rate3.64
Unemployment Rate0.7%
Population below poverty lineNA
Inflation Rate3.8%
Prime Lending Rate4.5%
GDP$156.6 billion
GDP Pro Capita (PPP)$129,700
Currency NameQatari Rial
Currency CodeQAR
World Bank ClassificationHigh Income
Competitive Industrial Performance18/138
Corruption Perceptions Index29/180
Ease of Doing Business83/190
Enabling Trade Index43/136

Silvia Andreoletti
Silvia is a Reporter at Trade Finance Global. She is also 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

Chart Showing GDP Growth Compared to rest of world

GDP Composition for Qatar

Agriculture

0.1%

fruits, vegetables; poultry, dairy products, beef; fish

Industry

51.1%

liquefied natural gas, crude oil production and refining, ammonia, fertilisers, petrochemicals, steel reinforcing bars, cement, commercial ship repair

Services

48.8%

Map

Top 5 Exports Partners

CountryTrade% Partner Share
United States
4,60614.37
China3,32010.36
Germany2,9702.97
United Arab Emirates
2,9149.09
Japan2,1406.67

Top 5 Exports Products

Export ProductNumber
Natural gas, liquefied
61.3%
Petroleum oils and oils obtained from bituminou
15.4%
Petroleum oils, etc, (excl. crude); preparation
4.8%
Crude or unrefined sulphur
0.3%
Mixed alkylbenzenes, nes
0.3%

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