The Information &eGovernment Authority (iGA) issued its foreign trade report of first quarter 2023, encompassing data on the balance of trade, imports, exports (national origin), and re-exports.
The value of imports increased by 5%, reaching BD1.431 billion during first quarter 2023 compared to BD1.363 billion for the same quarter of the previous year. The top 10 countries accounted for 68% of the value of imports, while the remaining countries accounting for 32%.
According to the report, China ranked first when it came to imports to Bahrain, with a total of BD199 million, United Arab Emirate was the second with BD146 million, and Brazil was the third with BD117 million.
Non-agglomerated iron ores and concentrates emerged as the top product imported into Bahrain with a total value of BD136 million, while Aluminum oxide was second with BD100 million, and gold ingots third with BD62 million.
The value of exports of national origin decreased by 20% to BD1.004 billion during first quarter 2023, compared to BD1.254 billion for the same quarter of the previous year. The top 10 countries in terms of the value of exports of national origin accounted for 73% of the total value, while the remaining countries accounting for 27%.
The Kingdom of Saudi Arabia ranked first among countries receiving Bahraini exports of national origin, importing BD266 million from Bahrain. Meanwhile, United Arab Emirate was second with BD98 million and The United States of America third with BD93 million.
Unwrought aluminum alloys emerged as the top products exported during quarter 2023 with BD306 million, Agglomerated iron ores and concentrates alloyed was second with a value of BD153 million and aluminum wire not alloyed third with BD55 million.
The total value of re-exports increased by 17% to reach BD186 million during quarter 2023, compared to BD159 million for the same quarter of the previous year. The top 10 countries accounted for 84% of the re-exported value, while the remaining countries accounted for the 16%. The United Arab Emirate ranked first with BD59 million, Kingdom of Saudi Arabia second with BD45 million, and Singapore third with BD14 million.
Parts for airplanes the top product re-exported from Bahrain with BD 29 million, four-wheel drive came in second place with BD11 million, and wristwatches nonprecious metal came third with BD7 million.
As for the trade balance, which represents the difference between exports and imports, the deficit in the trade balance amounted to 240 million dinars in the first quarter of 2023 compared to it in the same quarter of the previous year, recording a surplus of 50 million dinars, which led to an increase in the deficit by 574%.