Doha: Qatar’s trade with the Gulf Cooperation Council (GCC) countries has registered a significant growth. Trade transactions with Saudi Arabia, UAE, Oman, Bahrain and Kuwait in the GCC countries increased by 85 percent in the third quarter compared to the first quarter of last year. According to the data released by the Planning and Statistics Authority, Qatar-GCC trade volume increased from 730.5 crore Riyals in the first quarter of last year and 1011.40 crore Riyals in the second quarter to 1346.9 crore Riyals in the third quarter.
The fact that the trade volume in the first 3 quarters of last year is higher than the total trade in 2021 indicates that trade relations with GCC countries are very strong. In 2021, the total trade value was 1,912 crore Riyals. In the first 3 quarters of 2022, the trade grew to 3,088 crore riyals. There has been a significant increase in imports and exports from GCC countries to and from Qatar over the past year.
Economists estimate that the economy of the GCC countries will strengthen rapidly and more growth will be achieved in trade. Moreover, it is estimated that even following the World Cup, Qatar will host major international events and Qatar has become one of the preferred destinations for international visitors, which will lead to investment growth in the Gulf countries.
English Summary : Qatar’s trade with GCC countries has recorded significant growth.