Bahrain's Non-Oil Exports Decline by 12% in May; Trade Deficit Widens

Bahrain, 28 June, 2024 : Bahrain's non-oil exports of national origin fell by 12% to BD316 million ($838.3 million) in May 2024, down from BD360 million in the same period last year. According to Bahrain’s Information & eGovernment Authority (iGA), the top 10 countries accounted for 73% of these exports.

Saudi Arabia led the way with BD64 million (20%), followed by the US with BD34 million (11%) and the UAE with BD31 million (10%). Unwrought Aluminium Alloys topped the list of exported products at BD93 million (30%), followed by Agglomerated Iron Ores and Concentrates Alloyed at BD59 million (19%).

Meanwhile, non-oil re-exports saw a 28% decrease to BD51 million in May 2024, down from BD71 million in May 2023. The UAE ranked first with BD19 million (37%), followed by Saudi Arabia with BD15 million (29%) and Germany with BD2 million (4%). Private Cars were the top re-exported product valued at BD3.3 million (6.5%).

On the import front, Bahrain's non-oil imports decreased by 2% to BD466 million in May 2024, compared to BD475 million in May 2023. China topped the list with BD63 million (14%), followed by Brazil with BD47 million (10.1%) and Australia with BD46 million (9.9%). Non-Agglomerated Iron Ores and Concentrates led imports with BD51 million (11%).

Overall, Bahrain's trade balance recorded a deficit of BD99 million in May 2024, widening from BD43 million in the same period last year.

These figures underscore Bahrain's ongoing economic challenges amidst fluctuations in global trade and regional dynamics.

Source : www.zawya.com