Bahrain’s July 2024 non-oil exports surge, aluminium dominates the market

Bahrain's non-oil exports have shown a positive upward trend, increasing by 4 per cent to reach BHD337 million (USD 894.31 million) in July 2024, up from BHD323 million in July 2023, according to a newly released report from the Information & eGovernment Authority (iGA).

The July 2024 Foreign Trade report offers a detailed overview of Bahrain's trade performance, highlighting that the top 10 export destinations accounted for 68 per cent of the total export value.

Saudi Arabia emerged as Bahrain's leading export destination, with exports totalling BHD61 million (18 per cent). This was followed by the United States, which received BHD28 million (8 per cent), and the UAE, which received BHD25 million (7 per cent).

In terms of product categories, 'Agglomerated Iron Ores and Concentrates Alloyed' was the top export, valued at BHD83 million (25 per cent). 'Unwrought Aluminium Alloys' followed closely at BHD77 million (23 per cent), with 'Unwrought Aluminium not Alloyed' securing the third spot with a value of BHD18 million (5 per cent).

China leads as the top import partner in July 2024

In July 2024, non-oil imports increased by 5 per cent, rising to BHD464 million from BHD441 million in the same month of 2023. The top 10 import sources contributed a substantial 70 per cent of the total import value.

China was Bahrain's primary import partner, accounting for BHD73 million (16 per cent) of the total imports. Australia was the second-largest contributor, with BHD65 million (14 per cent), followed by Brazil at BHD37 million (8 per cent).

"Other Aluminium Oxide" was the top imported product, valued at BHD66 million (14 per cent). Aluminium oxide is an amphoteric oxide of aluminium with the chemical formula Al₂O₃. It is also commonly referred to as alumina. Non-agglomerated iron Ores and Concentrates ranked second at BHD42 million (9 per cent), while Private Cars were the third most imported item, valued at BHD14 million (3 per cent).

Gaining momentum for re-exports

Non-oil re-exports saw a significant 22 per cent rise in July 2024, reaching BHD 61 million, up from BHD 50 million in July 2023. The top 10 re-export destinations contributed a substantial 84 per cent of the total re-export value.

The UAE led as the primary destination, accounting for BHD 21 million (34 per cent) of re-exports, followed by Saudi Arabia with BHD 18 million (30 per cent) and Germany with BHD 3 million (5 per cent).

In terms of products, “Private Cars” topped the list of re-exports, valued at BHD 9 million (15 per cent). Gold Ingots were next, at BHD 6 million (10 per cent), with Smartphones ranking third, contributing BHD 3 million (5 per cent).

The trade balance, representing the difference between exports and imports, showed a deficit of BHD 66 million in July 2024, slightly improving from the BHD 68 million deficit recorded in July 2023.

Note: All the data in this news have been sourced from "The Information & eGovernment Authority (iGA). Bahrain"