Qatar’s exports soared in April as the regional gas giant gained from a surge in prices and demand for liquefied natural gas, following Russia’s invasion of Ukraine.
Exports totaled QAR43.5 billion ($11.9 billion) compared to 21 billion riyals in the year-ago period, resulting in a trade surplus of QAR34.2 billion ($9.4 billion), a government statement said.
On a monthly basis, the rise in total exports was 18.4 percent.
The jump was due to the higher export of gas, which more than doubled annually to QAR27.8 billion ($7.64 billion) in April 2022.
China was the top destination of Qatar’s exports in April, totaling nearly QAR6.6 billion ($1.81 billion), followed by India with QAR5.5 billion ($1.51 billion) and Japan with QAR4.5 billion ($1.23 billion).
United Kingdom imported QAR3.7 billion ($1.01 billion) worth from Qatar in April, compared with QAR884 million ($242.9 million) in April 2021.
According to S&P Global Commodity Insights, the UK was Qatar’s second-biggest market in Europe last year.
Europe buys around 40 percent of its gas from Russia, whose supply has remained steady so far despite the war, although prices soared to record highs in March.