Qatar Economic Outlook Issue Number 13

Figure 2-51: Current and Real Value of Qatari 
imports 
98
117
94
74
92
124
138
129
111
67
-3.5
-6.4
2.0
3.5
35.1
-10
-5
0
5
10
15
20
25
30
35
40
-
20
40
60
80
100
120
140
160
2012
2013
2014
2015
2016
2017
2018
2019
2020
U
pToQ
3-
21
R
at
e 
of
c
ha
ng
e 
(%
)
QR
b
illi
on
Current value
Real value (2010=100)
Non-energy Index (2010=100) (R-Axis)
Source: PSA and World Bank_Oct 2021
Figure 2-52: Components of the trade balance
 
42
47
16
23
31
-29.4
16.1
13.3
-21.8
-50
-40
-30
-20
-10
0
10
20
30
-50
-30
-10
10
30
50
70
90
110
130
2014
2015
2016
2017
2018
2019
2020
U
pToQ
3-
21
R
at
e 
of
C
ha
ng
e 
(%
)
Trade Balance
Imports
Exports
Export Growth (R-axis %)
Import Growth (R-axis %)
A
s 
%
o
f 
GD
P
Source:QCB prepared by PSA
blockade
oil price drop
oil price drop

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Part 2 - Economic Performance 2017 - 2020 
 
 
103 
impact of geopolitical tensions on the import 
of goods, together with the dispensation of 
importing some heavy-weight goods, such as 
machinery and transport equipment, as well 
as reductions in manufactured and semi-
manufactured goods prompted by the local 
market being satisfied with building and 
construction materials once a large part of 
the planned infrastructure projects had been 
completed. For example, the value of 
merchandise imports in 2019 amounted to 
almost QR 106.2 billion, compared to about 
QR 115.4 billion in 2018, a decrease of 7.9%, 
before further declining in 2020 by 11.5% to 
become QR 94 billion. Most of the decline in 
2020 came from lower import volume caused 
by the decrease in domestic demand, 
coupled with a change in the purchasing 
power of the QR's Real Effective Exchange 
Rate as a result of being pegged to the US 
dollar, as indicated in [Box (1-6) of part-1 of 
this report], where there is a possibility that 
the cost of imported goods in currencies 
other than the dollar has decreased.