Bahrain Q3 Exports of National Origins reaches BD943million

TDT | Manama    

The Daily Tribune – www.newsofbahrain.com

Bahrain's trade experienced a 5% decrease in imports and a 24% decline in exports in the third quarter of 2023, compared to the same period in the previous year.

Consequently, the trade deficit in this quarter surged 408%, as reported by the Information & eGovernment Authority.

This trade deficit, which signifies the variance between exports and imports, amounted to BD275 million dinars in Q3 2023, in sharp contrast to a surplus of BD54m dinars in the same quarter of the previous year.

This data is as per the foreign trade report of Q3 2023, published by iGA, which encompasses information regarding the Trade Balance, imports, exports of products with national origin, and re-exports.

During this quarter, imports decreased by 5% to reach BD1.402 billion, down from BD1.471 bn in the corresponding quarter of the previous year.

The top 10 countries accounted for 69% of the total import value, with China leading with BD208 m, followed by the United Arab Emirates at BD131 m, and Australia at BD128 m.

In terms of products, the top imported item in Bahrain was Other Aluminum Oxide at BD121 m, followed by Non-Agglomerated Iron Ores and Concentrates Alloyed at BD118 m, and Gold Ingots ranking third at BD54 m.

On the flip side, exports of products with national origin experienced a 24% drop, falling to BD943 m from BD1.240 bn in Q2 2022.

The top 10 countries accounted for 70% of the total export value, with Saudi Arabia ranking at the top with BD207m in exports from Bahrain.

The United Arab Emirates followed with BD122m, and the United States of America came third with BD87m.

The primary products exported included Unwrought Aluminum Alloys with a value of BD243m, Agglomerated Iron Ores and Concentrates Alloyed at BD167m, and Aluminum Wire not Alloyed at BD55m.

Re-exports, on the other hand, increased by 4% to BD184m, up from BD177m in the same quarter of the previous year.

The top 10 countries in re-exports accounted for 81% of the total re-exported value, with the United Arab Emirates leading at BD55m, followed by the Kingdom of Saudi Arabia at BD35m, and France at BD11m.

As per the report, the top product re-exported from Bahrain was Turbo-Jets, with a value of BD21m, followed by Four Wheel Drive at BD12m, and Other parts of airplanes, helicopters, or unmanned aircraft ranking third with BD11m.