Bahrain’s trade resilience shines
TDT | Manama
The Daily Tribune – www.newsofbahrain.com
Bahrain experienced a notable shift in its trade dynamics in October 2023, witnessing a 12% rise in imports alongside a 13% decline in exports, culminating in a 735% escalation in the deficit compared to the corresponding month the previous year.
This is according to the data, extracted from the foreign trade report published by the Information & eGovernment Authority (iGA), which encompasses crucial aspects such as Trade Balance, imports, exports of domestically originated products, and re-exports.
China tops imports to Bahrain
Imports registered a 12% uptick, reaching BD561 million from the previous year’s BD500m in October 2022.
The top 10 countries contributed significantly, constituting 70% of the total imports.
China claimed the leading position in imports to Bahrain, amounting to BD76m, trailed by Brazil at BD75m, and the United Arab Emirates at BD46m.
The primary product imported was Non-Agglomerated Iron Ores and Concentrates Alloyed, accounting for BD89m, followed by Other Aluminum Oxide at BD41m and Smartphones at BD19m.
Saudi leading buyer
Conversely, exports of domestically originated products witnessed a 13% decline, dropping to BD349m from BD400m in October 2022.
The top 10 countries constituted 70% of the total export value. Saudi Arabia emerged as the leading export destination from Bahrain, contributing BD86m, followed by the UAE at BD32m and the United States at BD31m.
The leading products in exports were Unwrought Aluminum Alloys, recording BD78m, followed by Agglomerated Iron Ores and Concentrates Alloyed at BD73m, and Unwrought Aluminum not alloyed at BD21m.
Turbo jets top re-exports
Re-exports also saw a downturn, decreasing by 17% to BD68m from BD83m in October 2022. The top 10 countries in re-exports constituted 87% of the re-exported value.
The UAE ranked first with BD20m, followed by Saudi Arabia at BD15m, and Singapore at BD6m.
Turbo-Jets was the top product re-exported from Bahrain with a value of BD10m, followed by Four Wheel Drive BD5m, and Other parts of airplanes, helicopters or unmanned aircraft came third with BD3m.
Analyzing the trade balance, representing the disparity between exports and imports, revealed a deficit of BD143 million in October, compared to the surplus of BD17 million recorded in the same month the previous year. This shift resulted in a 735% increase in the deficit.