Bahrain Exports for Products of National Origins reach BD1.013 billion during Q4 2023 | Kanebridge News
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Bahrain Exports for Products of National Origins reach BD1.013 billion during Q4 2023

By Bahrain News Agency
Tue, Jan 30, 2024 9:12amGrey Clock 2 min

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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Preparatory Work for UAE to Oman Hafeet Rail Project Commences at Full Speed

Preparations have begun on the transformative UAE to Oman Hafeet Rail network, revealing significant construction details during a site visit.

Thu, May 16, 2024 3 min

The $3bn Hafeet Rail project between the UAE and Oman will feature 60 bridges and a 2.5km tunnel, making it an “architectural and engineering marvel,” according to CEO Ahmed Al Musawa Al Hashemi.

Hafeet Rail has announced that preparatory work is moving full speed ahead for constructing the transformative railway link between the UAE and Oman. This announcement was made during a site visit attended by key officials, members of the Asyad and Hafeet Rail executive management teams, project contractors, and consultants.

Key Highlights

During the visit, attendees were introduced to the main components of the project, including passenger, repair, and shipping stations, as well as major bridges and tunnel sites.

The Hafeet Rail project is set to play a very important role in enhancing local and regional trade, unlocking new opportunities in the infrastructure, transportation, and logistics sectors, and fostering economic diversification. It will also strengthen bilateral relations between the UAE and Oman.

The project will involve constructing 60 bridges, some reaching heights of up to 34 meters, and tunnels extending 2.5 kilometres. The Hafeet Rail team showcased the latest rail technologies and innovative engineering and architectural solutions designed to navigate the challenging geographical terrain and weather conditions while maintaining high standards of efficiency and safety.

The rail network will boost various industrial sectors and economic activities and significantly impact the tourism industry by facilitating easier and faster travel between the two countries.

Ahmed Al Bulushi, Asyad Group Chief Executive Asset, noted that the project’s rapid progress reflects the commitment of the UAE and Oman to developing and realizing the project’s multifaceted benefits.

Investment and Future Impact

Al Bulushi added that investments in developing local capabilities and expertise in rail-related disciplines over recent years have enabled the project to reach the implementation phase successfully under the leadership of highly efficient and professional national talent.

Hafeet Rail’s CEO Ahmed Al Musawa Al Hashemi emphasized, “The commencement of preparatory works for construction is a testament to the robust synergy between all parties involved in both nations, achieving this milestone in record time. We are confidently laying down the right tracks thanks to the shareholders of Hafeet Rail and the expertise of local companies in Oman and the UAE, alongside international partners.”

During the site visit, the visitors explored some of the key preparatory sites, including Wadi Al Jizi, where a 700-meter-long bridge towering 34 meters will be constructed. This ambitious project is envisioned as an architectural and engineering marvel in a complex geographical landscape.

Future phases will require more collaboration, with a continued focus on quality, safety, and environmental considerations in line with the international industry best practices.

The Hafeet Rail project represents the first-of-its-kind railway network linking two Gulf nations, marking a significant shift in regional goods transportation. This efficient and reliable transportation option will reduce dependence on slower and less sustainable road transport.

Hafeet Rail promises a 40% reduction in shipping costs and a 50% in transit times compared to traditional land transportation methods, as it will be connecting five major ports and several industrial and free zones in both countries.

This shift will reduce reliance on road transport by cars and trucks and promote more sustainable shipping practices. The establishment of the railway network will also create significant opportunities for SMEs in construction, engineering, and logistics support, acting as a catalyst for economic growth and innovation within the domestic economy.

By linking major ports, the Hafeet Rail project will enable local SMEs to import, export, and distribute their products more effectively, enhancing their market reach and global competitiveness.

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