Qatar’s exports proceeded largely unimpeded in 2017 despite the Saudi-led embargo being in force since June. But failure to diversify its exports remains a major concern, as does a dependency on five countries for more than 60% of exports.

Qatari export revenues soared 18% to $67bn in 2017 despite the emirate being subject to a trade embargo by key neighboring states since June (MEES, 9 June 2017). With Q4 export revenues the highest since 2Q 2015, Qatar is set up for strong gains in...