Bahrain’s Exports to South Korea Drop 30.7% in First Half of 2024

TDT | Manama

The Daily Tribune - www.newsofbahrain.com

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Bahrain’s exports to South Korea saw a significant decline of 30.7% in the first half of 2024, totaling approximately $164.75 million, down from $237.86 million during the same period in 2023. In contrast, imports from South Korea to Bahrain increased slightly, reaching $93.4 million, up from $90.63 million last year.

Across the Gulf Cooperation Council (GCC), exports to South Korea experienced a modest rise of 2.13% in the first six months of 2024, according to newly released data from the South Korean government. Combined exports from the six GCC nations amounted to $40.687 billion, compared to $39.837 billion in the same period last year.

Imports from South Korea

GCC imports from South Korea also saw an uptick, rising to $6.341 billion in the first half of 2024, up from $5.988 billion in the same timeframe in 2023. The trade balance continues to favor the GCC, with a surplus of $40.345 billion in 2024, compared to $33.848 billion the previous year.

Saudi Arabia maintained its position as South Korea’s largest trading partner within the GCC, contributing 39% of the region’s total exports. Saudi Arabia's exports to South Korea reached approximately $15.931 billion, slightly down from $16.032 billion in the same period last year, reflecting a marginal decline of 0.62%. Imports to Saudi Arabia from South Korea stood at $2.726 billion, up slightly from $2.705 billion in 2023.

UAE Records Strong Export Growth

The UAE saw a substantial rise in exports to South Korea, up by 26.8% in the first half of 2024. UAE exports reached $10.004 billion, compared to $7.889 billion in the same period last year. Imports from South Korea to the UAE also increased, reaching $2.638 billion, up from $2.343 billion in 2023