According to a report by the Information and e-Government Agency (iGA), Bahrain’s domestic exports reached BD1.013 billion ($2.67 billion) in the fourth quarter of 2023, down 10% from the previous year.
The top 10 countries accounted for 69% of total exports, with the Kingdom of Saudi Arabia becoming the number one exporter of domestic products worth BD 225 million ($593 million).
This was followed by the UAE with BD 126 million, followed by the US with BD 97 million, iGA said in its Q4 2023 foreign trade report. The report includes data on trade balances, imports, exports of homegrown products, and reexports.
In terms of products, raw aluminum alloys exported in the fourth quarter of 2023 accounted for BD226 million, followed by agglomerated iron ore and alloyed concentrates at BD201 million, according to the iGA report. BD ranked second, while unalloyed raw aluminum alloy ranked third with 59 million BD, the iGA report said. .
Regarding imports, iGA announced that imports increased by 5% to 1.476 billion BD in the fourth quarter of 2023, compared to 1.41 billion BD in the same quarter of 2022.
According to the report, China ranked first in imports to Bahrain with a total value of BD 207 million, followed by Brazil with BD 136 million and the UAE with BD 119 million.
In terms of imports to Bahrain, lump iron ore and alloy concentrates were the top imports with a total value of 160 million BD, followed by other aluminum oxides, which came in second with 110 million BD, followed by aircraft engine parts with a total value of 42 million BD. followed.
According to iGA, total reexports decreased by 6% to BD188 million in the fourth quarter, compared to BD200 million in the same quarter of 2022. The top 10 re-exporting countries accounted for 81% of the re-export value.
In terms of re-exports, the UAE ranked first with 52 million BD, followed by the Kingdom of Saudi Arabia in third with 44 million BD, and Luxembourg with 10.13 million BD.
According to the report, the top re-export product from Bahrain was turbojets with a value of BD 25 million, followed by four-wheel drive vehicles at BD 12 million and private cars at BD 8 million.
Regarding the trade balance, which represents the difference between exports and imports, iGA said the deficit reached BD 276 million in the fourth quarter of 2023, compared to a deficit of BD 88 million in the same period last year, an increase of 212% in the deficit. Ta.-TradeArabia News Service
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