Bahrain Exports for Products of National Origins reach BD1.013 billion during Q4 2023
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The Information &eGovernment Authority (iGA) has published its Foreign Trade report for Q4 2023, which encompasses data on Trade Balance, Imports, Exports of products with national origin, and Re-exports.
As per the report, the value of imports has increased by 5%, reaching BD1.476 billion during Q4 2023 in comparison with BD1.410 billion for the same quarter in 2022. The top 10 countries for imports marked 69% of the total value of imports.
According to the report, China ranked first for imports to Bahrain, with a total of BD207 million, followed by Brazil being the second with BD136 million, and The United Arab Emirates as the third with BD119 million.
Agglomerated Iron Ores and Concentrates Alloyed are marked as the top product imported to Bahrain with a total value of BD160 million, while Other Aluminum Oxide was second with BD110 million, followed by Parts for Aircraft Engines being third with BD42 million.
On the other hand, the value of Exports of Products with National Origin marked a decrease by 10% to a value of BD1.013 billion during Q4 2023, compared to BD1.121 billion for the same quarter in 2022. The top 10 countries accounted for 69% of the total export value.
The Kingdom of Saudi Arabia ranked first among countries for the exports of Products with National Origin with BD225 million.
The United Arab Emirates was second with BD126 million and the United States of America was third with BD97 million.
Unwrought Aluminum Alloys are marked as the top products exported during Q4 2023 with BD226 million, followed by Agglomerated Iron Ores and Concentrates Alloyed being the second with a value of BD201 million and Unwrought Aluminum Not Alloyed third with BD59 million.
The total value of re-exports decreased by 6% to reach BD188 million during Q4 2023, compared to BD200 million for the same quarter in 2022. The top 10 countries in re-exports accounted for 81% of the re-exported value.
The United Arab Emirates ranked first with BD52 million, followed by the Kingdom of Saudi Arabia as second with BD44 million, and Luxembourg third with BD10.13 million.
As per the report, Turbo-Jets was the top product re-exported from Bahrain with a value of BD25 million, followed by Four-Wheel Drive BD12 million, and Private Cars came third with BD8 million.
As for the Trade Balance, which represents the difference between exports and imports, the deficit amounted to BD276 million dinars in Q4 2023, Compared to a deficit of 88 million dinars in Q4 2022, which led to an increase in the deficit by 212%.
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Employment grew for the 16th consecutive month as companies expanded.
2 min
According to a recent PMI report, Qatar experienced its fastest non-energy sector growth in almost two years in June, driven by surges in both existing and new business activities.
The Purchasing Managers’ Index (PMI) headline figure for Qatar reached 55.9 in June, up from 53.6 in May, with anything above 50.0 indicating growth in business activity. Employment also grew for the 16th month in a row, and the country’s 12-month outlook remained robust.
The inflationary pressures were muted, with input prices rising only slightly since May, while prices charged for goods and services fell, according to the Qatar Financial Centre (QFC) report.
This headline figure marked the strongest improvement in business conditions in the non-energy private sector since July 2022 and was above the long-term trend.
The report noted that new incoming work expanded at the fastest rate in 13 months, with significant growth in manufacturing and construction and sharp growth in other sectors. Despite the rising demand for goods and services, companies managed to further reduce the volume of outstanding work in June.
Companies attributed positive forecasts to new branch openings, acquiring new customers, and marketing campaigns. Prices for goods and services fell for the sixth time in the past eight months as firms offered discounts to boost competitiveness and attract new customers.
Qatari financial services companies also recorded further strengthening in growth, with the Financial Services Business Activity and New Business Indexes reaching 13- and nine-month highs of 61.1 and 59.2, respectively. These levels were above the long-term trend since 2017.
Yousuf Mohamed Al-Jaida, QFC CEO, said the June PMI index was higher than in all pre-pandemic months except for October 2017, which was 56.3. “Growth has now accelerated five times in the first half of 2024 as the non-energy economy has rebounded from a moderation in the second half of 2023,” he said.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
