Export market in Qatar
During a business trip to Qatar, Rafi decides to buy a car, and he exports it from Doha to India with the help of an International Vehicle Moving company that specializes in exporting and shipping a variety of goods around the world.
As he looked upon the internet, Rafi found out that Qatar is the 47th largest export economy in the world with an estimated 79.88 Billion worth of products and services being exported and 34.69 Billion worth of products and services being imported, Qatar boasts a positive trade balance of 30.7 Billion, making it one of the most welcoming import-export market in the world.
The top exports of Qatar are mostly managed by the Government like Petroleum gas, Crude oil, Ethylene Polymers and Raw Aluminum. These products make up to 90% of Qatar's exports. All the other comparatively smaller export businesses could be taken up by anyone with the right licensing. The government of Qatar is encouraging the formation of new startups in their country to diversify the modes of income for the country.
Rafi found out that smaller businesses can be hugely profitable too. One of the fastest-growing export markets in Qatar is the Gems and precious metals market with an estimated export value of 2.5 Billion. This is the fastest-growing among the top ten export categories with an increase up by 46.5% since 2017 with iron and steel export being the second with a rise of 40.8%. The Qatari government is also welcoming the increase in exports from Qatar to stabilize the imports to Qatar to increase the country's positive trade balance.
Some exports have been declining like the chemical goods category that fell by -10.8% since 2017. Precious metal watches, base metal watches and other laboratory instruments are also growing in the export market in Qatar.
Other smaller industries, such as the paper industry that includes Letters and correspondence cards, have an export value of 8.15 million. The textile industry is one of the steadily growing industry in the export market in Qatar with packing bags and Non-Knit women's clothing being the leading textile products to be exported all over the world.
While goods from Qatar are exported all around the world, some of the top destinations for export for Qatar are South Korea, Japan, India, China and Singapore. Rafi also understood that two of the best areas to start an exporting company would come under the Qatar Free Zone Authority or QFZ Authority. Them being Ras Bufontas and Umm Alhoul. Ras Bufontas is situated within the vicinity of the Hamad International Airport, which means any air cargo can be sent out with ease. Whereas Umm Alhoul is located next to the Hamad Port, which would help the goods that are needed to be shipped through sea freight and since Umm Alhoul is the world's largest greenfield port in the world, products can be exported to almost anywhere in the world.
Rafi learnt that he could be a part of the exporting and importing industry even if he doesn't have any goods to export. Freight forwarding is a kind of business that doesn't require much investment. Some exporters and importers hire freight forwarders to deal with the transport organizing and helping with the shipping lines. An import-export sourcing agent is another opportunity where the agent will mediate all the products and services between the exporter and the importer. He decided to partner with BBMS to start own exporting unit in Qatar.
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