The value of Bahrain’s exports of national origin for the fourth quarter of 2023 has hit BD1.013 billion ($2.67 billion), registering a 10% decline over the same period the previous year, according to a report by the Information &eGovernment Authority (iGA).
The iGA’s Foreign Trade Report for Q4 2023 encompasses data on trade balance, imports, exports of products with national origin, and re-exports.
Decrease in exports
The total value of exports of Bahraini products reached BD1.013 billion in the last quarter of 2023, compared to BD1.121 billion for the same quarter in 2022.
The top 10 countries accounted for 69% of the total export value, the report found. Saudi Arabia ranked first, amounting to BD225 million. The UAE was second with BD126 million and the US third with BD97 million.
Unwrought aluminium alloys were the top products exported during the quarter, according to the report, with an export value of BD226 million. They were followed by agglomerated iron ores and concentrates (BD201 million) and unwrought aluminium not alloyed (BD59 million).
In terms of producers, Unwrought Aluminum Alloys was responsible for the most products exported during the period, worth BD226 million. The company was followed by Agglomerated Iron Ores and Concentrates Alloyed, with a value of BD201 million and Unwrought Aluminum Not Alloyed, with BD59 million.
What about re-exports?
The total value of Bahraini re-exports decreased by 6% to reach BD188 million during Q4 2023, compared to BD200 million for the same quarter in 2022, the report stated.
The top 10 countries in re-exports accounted for 81% of the re-exported value, with the top three being the UAE (BD52 million), Saudi Arabia (BD44 million) and Luxembourg (BD10.13 million).
The main re-exported products were turbo-jets, with a value of BD25 million, followed by four-wheel drive, worth BD12 million, and private cars worth BD8 million.
Rise in the value of imports
The value of imports to Bahrain increased by 5% during the last quarter of 2023, reaching BD1.476 billion – in comparison with BD1.410 billion for the same quarter in 2022.
The top 10 countries for imports marked 69% of the total value of imports. China led the list, with a total of BD207 million, followed by Brazil with BD136 million, and the UAE with BD119 million.
Agglomerated iron ores and concentrates alloyed were the top products imported to Bahrain, with a total value of BD160 million. Other aluminium oxides (BD110 million) and parts for aircraft engines (BD42 million) stood in second and third place, respectively.
In terms of trade balance, which represents the difference between exports and imports, the deficit amounted to BD276 million in the last quarter of 2023, marking a 23% deficit increase from the same period in 2022.
