The Information &eGovernment Authority (iGA) has released its Foreign Trade report of 2023, which encompasses data on Trade Balance, Imports, Exports of products with national origin, and Re-exports.
As per the report, the value of imports has decreased by 1%, reaching BD5.778 billion for 2023 in comparison with BD5.842 billion for 2022. The top 10 countries for imports marked 69% of the total value of imports.
According to the report, China ranked first for imports to Bahrain, with a total of BD808 million (14%), followed by The United Arab Emirate being the second with BD547 million (9.5%), and Brazil as the third with BD523 million (9%).
Non-Agglomerated Iron Ores and Concentrates Alloyed was marked as the top product imported to Bahrain with a total value of BD602 million (10%), while Other Aluminum Oxide was second with BD448 million (8%), followed by Gold Ingots being the third with BD221 million (4%).
On the other hand, the value of Exports of Products with National Origin marked a decrease by 21% to a value of BD3.909 billion during 2023, compared to BD4.967 billion for 2022. The top 10 countries accounted for 70% of the total export value.
The Kingdom of Saudi Arabia ranked first among countries for the exports of Products with National Origin with BD937 million (24%). The United Arab Emirate was second with BD444 million (11%) and the United States of America was third with BD371 million (9%).
Unwrought Aluminum Alloys are marked as the top products exported during 2023 with BD1.059 billion (27%), followed by Agglomerated Iron Ores and Concentrates Alloyed being the second with a value of BD689 million (18%) and Aluminum Wire Not Alloyed third with BD223 million (6%).
The total value of re-exports will increase by 5% to reach BD756 million during 2023, compared to BD720 million for 2022. The top 10 countries in re-exports accounted for 79% of the re-exported value. The United Arab Emirate ranked first with BD222 million (29%), followed by the Kingdom of Saudi Arabia as second with BD159 million (21%), and Singapore third with BD53 million (4%).
As per the report, Turbo-Jets was the top product re-exported from Bahrain with a value of BD73 million (10%), followed by Four Wheel Drive BD47 million (6%), and Parts for Aircraft Engins came third with BD31 million (4%).
As for the Trade Balance, which represents the difference between exports and imports, the deficit amounted to BD1.113 billion dinars in 2022, Compared to a deficit of 155 million dinars in 2022.
