Bahrain's trade exchange with Gulf Co-operation Council (GCC) countries experienced an up-tick in the first quarter of 2024 compared to the same period last year, shows a new report by the Bahrain Chamber, as tensions were resolved … and business with a global powerhouse also continued to prosper.
In its ‘Overview of the local economy for Q1-2024’ analysis, the organisation that represents the interests of businesses in Bahrain notes that total Bahrain-GCC trade volume increased by 6 per cent to $2.38 billion from $2.24bn.
Saudi Arabia remains Bahrain’s top trading partner within the GCC, with bilateral trade rising 7pc to $1.162bn. The UAE followed closely, with trade increasing by 13pc to $912 million.
While trade with Oman and Kuwait declined, Bahrain’s trade with Qatar surged by a remarkable 294pc.
Beyond the GCC, China remains Bahrain’s primary import partner, with smartphones accounting for a significant portion of imports. The UAE and Australia also emerged as major import sources.
On the export side, Saudi Arabia and the UAE were Bahrain’s top destinations. The United States and Egypt also played a role in Bahrain’s export market.
The country’s top imported commodities included non-agglomerated iron ores, other aluminium oxide, and aircraft engine parts. On the export side, unwrought aluminium alloys and agglomerated iron ores were the leading products. These trends highlight Bahrain’s growing economic ties with its regional partners and its efforts to diversify its trade relationships.
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