The Information &eGovernment Authority (iGA) has published its foreign trade report for May 2023, in which data on Trade Balance, imports, exports of products with national origin, and re-exports have been showcased.
As per the report, the value of imports has shown a decrease of 8%, reaching BD475 million during May 2023 in comparison with BD518 million for the same month in 2022. The top 10 countries for imports marked 69% of the total value of imports, while the remaining countries accounted for 31%.
According to the report, China ranked first for imports to Bahrain, with a total of BD78 million, followed by The United Arab Emirates with BD57 million, and then Australia as third with BD40 million.
Other Aluminum Oxide was marked as the top product imported to Bahrain with a total value of BD39 million, while Gold Ingots were second with BD28 million, followed by Four Wheel Drive as third with BD17 million.
On the other hand, the value of exports of products with national origin marked a decrease by 22% with a value of BD360 million during May 2023, compared to BD460 million for the same month in 2022. The top 10 countries accounted for 73% of the total value, while the remaining countries accounted for 27%.
Saudi Arabia ranked first among countries Bahraini exports of national origin BD89 million from Bahrain. Meanwhile, The United Arab Emirates was second with BD38 million and the United States of America was third with BD34 million.
Unwrought Aluminum Alloys marked as the top products exported during May 2023 with BD100 million, followed by Agglomerated Iron Ores and Concentrates Alloyed being the second with a value of BD78 million and Aluminum Wire Not Alloyed third with BD22 million.
The total value of re-exports increased by 24% to reach BD71 million during May 2023, compared to BD57 million for the same month in 2022. The top 10 countries in re-exports accounted for 88% of the re-exported value, while the remaining countries accounted for 12%. The United Arab Emirates ranked first with 24 million, followed by Saudi Arabia second with BD13 million, and Singapore third with BD8 million.
As per the report, Turbo-Jets was the top product re-exported from Bahrain with a value of BD7 million, followed by Four Wheel Drive BD6 million, and Gold Ingots came third with BD4 million.
As for the trade balance, which represents the difference between exports and imports, the deficit amounted to BD43 million in May 2023 compared to the same month of the previous year, recording a deficit of BD1 million, which led to an increase in the deficit by 6394%.
Source: Bahrain News Agency