Bahrain finds itself at a crossroads in its economic journey as the latest data from the Information & eGovernment Authority reveals a staggering 212% surge in the trade deficit during the fourth quarter of 2023. The numbers paint a complex picture, indicating challenges in the Saudi Arabia (KSA) export and re-export sectors.
China takes center stage as the leading contributor to Bahrain's imports, injecting a substantial BD207 million into the nation's trade flow. Following closely are Brazil at BD136 million and the UAE at BD119 million, underscoring the interconnected nature of Bahrain's global trade relations.
The import landscape is dominated by agglomerated iron ores and concentrated alloys, valued at BD160 million. Aluminium oxide follows closely at BD110 million, with parts for aircraft engines securing the third spot at BD42 million. These key insights shed light on the sectors driving Bahrain's imports and the products that fuel its economic engine.
On the re-export front, the UAE emerges as the leader with BD52 million, trailed by Saudi Arabia at BD44 million and Luxembourg at BD10.13 million. Turbo jets claim the top spot among re-exported products, commanding a value of BD25 million. Four-wheel drive vehicles follow at BD12 million, with private cars securing the third position at BD8 million.
Amidst these trade dynamics, Bahrain's Minister of Finance, Shaikh Salman bin Khalifa Al Khalifa, delivered positive news at the World Economic Forum in Davos. The country's non-oil economy exhibited robust growth, expanding by 4.5% in the third quarter of the preceding year. This growth aligns with Bahrain's strategic initiatives to diversify its economic base, emphasizing resilience in the face of global uncertainties.
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