Bahrain-GCC trade hit $5.7b in 2020 despite Covid-19 restrictions

      Published on Monday, 25 January , 2021      454      
Bahrain-GCC trade hit $5.7b in 2020 despite Covid-19 restrictions

  • Bahrain News

Bahrain-GCC trade reached $5.7 billion in 2020, accounting for 25 per cent of Bahrain’s global bilateral trade for the year ($20.8 billion).

The figures were released at the same time as Bahrain’s Information and eGovernment Authority quarterly foreign trade report, identifying a 12 per cent surge in national origin exports buoyed by a thriving manufacturing sector.

Regional home to national and multinational manufacturing and logistics giants including Alba, Mondelez, Reckitt Benckiser and DHL, Bahrain offers a US FTA and direct access to the GCC’s largest consumer market – the Kingdom of Saudi Arabia.

During the fourth quarter, the value of exports of national origin increased by 12 per cent to $1.59 billion (BHD599 million) during the fourth quarter of 2020, compared to $1.41 billion (BD532 million) for the same quarter of the previous year.

Meanwhile, the country’s trade balance – the difference between exports and imports – improved by 18 per cent in Q4, recording a deficit of $1.16 billion (BHD435 million) compared to $1.41 billion (BHD530 million) in the same quarter of the previous year.

The top 10 countries in terms of the value of exports of national origin purchased from Bahrain accounted for 72 per cent of the total value, with the remaining countries accounting for 28 per cent.

Category Bahrain News, Business | 2021/01/25 latest update at 10:00 AM
Source : Khaleej Times | Photocredit : Google
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