Value of local product exports up significantly

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

Bahrain’s value of exports of national origin has increased by 83% to reach BBD1.255 billion during the first quarter 2022, up from BBD684 million for the same period of the previous year. The value of imports increased by 4%, reaching BD1.363 billion during the first quarter of 2022 compared with BD1.312 billion for the same quarter the previous year.

This was according to the Information and eGovernment Authority (iGA) foreign trade report of the first quarter of 2022, encompassing data on the balance of trade, imports, exports (national origin), and re-exports. The trade balance, difference between exports and imports, amounted to BD51 million, recording a surplus in the value of the trade balance in the first quarter of 2022 compared to it in the same quarter of the previous year, which amounted to BD442 million, recording a deficit in the value of the trade balance, which it reduced it by 111%.

The top 10 countries in terms of the value of exports of national origin purchased from Bahrain accounted for 74% of the total value, with the remaining countries accounting for 26%. Saudi Arabia ranked first among countries receiving Bahraini exports of national origin, importing BD217 million from Bahrain. The US was second with BD207 million and Italy third with BD92 million. Unwrought aluminum alloys emerged as the top products exported during first quarter 2022 with BD496 million, agglomerated iron ores and concentrates was second with a value of BD168 million, an aluminum wires (not alloyed) third with BD64 million.

According to the report, the top 10 countries accounted for 69% of the value of imports, with the remaining countries accounting for 31%. China ranked first with BD214 million, followed by Brazil with BD130 million and Australia with BD118 million. Non-agglomerated iron ores and concentrates was the top product imported into Bahrain with a total value of BD135 million, while aluminum oxide was second with BD111 million, and four-wheel drive cars third with BD32 million.

The total value of re-exports decreased by 14% to reach BD159 million in the first quarter of 2022, compared with BD185 million for the same quarter of the previous year. The top 10 countries accounted for 87% of the re-exported value, while the remaining countries accounted for the 13%. Saudi Arabia ranked first with BD45 million, followed by the UAE with BD33 million, and Singapore with BD26 million. Turbo-Jets of a thrust were the top product re-exported from Bahrain with BD13 million, parts for aircraft engines were second with BD10 million, and apparatus for wrist watches control third with BD8 million.