Bahrain-GCC trade hits $5.7bn in 2020 despite Covid-19 challenges

Bahrain-GCC trade hits $5.7bn in 2020 despite Covid-19 challenges

Bahrain-GCC trade reached $5.7bn in 2020, accounting for 25 per cent of Bahrain's global bilateral trade for the year ($20.8bn), a new report by the government shows.

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 $1.59bn (BHD59m) during the fourth quarter of 2020, compared to $1.41bn (BD532m) 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 $1.16bn (BHD435m) compared to $1.41bn (BHD530m) 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