Bahrain: Visió econòmica i política
Bahrain's market constitutes one of the most diversified economies in the region. The country is very open to foreign trade, which accounted for 141.7% of the GDP in 2019 (World Bank, 2022). Petrochemical products account for over 42% of Bahraini exports, a share that is relatively low compared to the rest of the region. Bahrain has a strong steel and aluminium industry, accounting for up to 23.6% of exports. Petroleum products also account for the largest item of imports (30%), mainly crude oil imports from Saudi Arabia, followed by machineries, electrical and electronic equipment and cars and other vehicles.
Saudi Arabia is the top destination for Bahraini exports (25%), followed by the United Arab Emirates (18%), the United States (9.8%), Oman (5.4%) and Egypt (4.7%). Saudi Arabia was also the main supplier in 2021 (34% of total imports), followed by China (11%), Australia (5.1%) and the United Arab Emirates with 5% (Trade Economics, 2022).
Bahrain's trade balance is structurally positive (in 2019 of an estimated USD 6,47 billion) but it is strongly linked to oil prices. Bahrain exports of goods stood at 14 billion USD in 2020, while imports declined from 13.2 billion USD to 12.6 billion USD in 2020 according to data from WTO. Exports of services remained stable at 11.4 billion USD in 2020, whereas imports of services increased to 9.2 billion USD (WTO, 2022).
Bahrain’s trade balance saw a surplus of 2 million BD ($5.3 million USD) in November 2021, a 101% improvement from the 163 million BD (432 million USD) deficit for the same period in 2020 as the country recovers from the impact of coronavirus on its economy. According to the kingdom’s foreign trade report, issued by the Information and eGovernment Authority in December 2021, the value of imports increased by 13%, reaching 453 million BD (1.2 billion USD), during November 2021 compared to 402 million BD (1.06 billion USD) for the same month in 2020.
Foreign Trade Values | 2017 | 2018 | 2019 | 2020 | 2021 |
Imports of Goods (million USD) | 10,850 | 14,871 | 13,256 | 12,683 | 14,188 |
Exports of Goods (million USD) | 15,376 | 18,044 | 18,120 | 14,066 | 22,369 |
Imports of Services (million USD) | 7,800 | 8,077 | 8,083 | 9,263 | 10,289 |
Exports of Services (million USD) | 11,356 | 12,249 | 11,776 | 11,468 | 13,225 |
Source: World Trade Organisation (WTO) ; Latest available data
Foreign Trade Indicators | 2016 | 2017 | 2018 | 2019 | 2020 |
Foreign Trade (in % of GDP) | 139.6 | 143.1 | 150.8 | 141.7 | 139.8 |
Trade Balance (million USD) | -804 | -700 | -1,066 | n/a | n/a |
Trade Balance (Including Service) (million USD) | 2,694 | 2,856 | 2,910 | n/a | n/a |
Imports of Goods and Services (Annual % Change) | -3.2 | 7.6 | 5.7 | -5.6 | -0.7 |
Exports of Goods and Services (Annual % Change) | -2.8 | 3.7 | 3.3 | 0.4 | -2.5 |
Imports of Goods and Services (in % of GDP) | 65.4 | 67.3 | 71.6 | 65.2 | 67.1 |
Exports of Goods and Services (in % of GDP) | 74.2 | 75.8 | 79.3 | 76.5 | 72.7 |
Source: World Bank ; Latest available data
Foreign Trade Forecasts | 2022 | 2023 (e) | 2024 (e) | 2025 (e) | 2026 (e) |
---|---|---|---|---|---|
Volume of exports of goods and services (Annual % change) | 3.5 | 3.3 | 4.0 | 4.5 | 4.4 |
Volume of imports of goods and services (Annual % change) | 0.8 | 2.6 | 3.6 | 3.7 | 3.8 |
Source: IMF, World Economic Outlook ; Latest available data
Note: (e) Estimated Data
Member of Arab League.
The country is also part of the Greater Arab Free Trade Area (GAFTA), a pact of the Arab League entered into force in January 2005 which aims to form an Arabic free trade area.
Main Customers (% of Exports) |
2019 |
Saudi Arabia | 14.3% |
United Arab Emirates | 10.1% |
United States | 5.6% |
Oman | 3.1% |
Egypt | 2.7% |
China | 2.2% |
Kuwait | 2.1% |
Netherlands | 1.9% |
India | 1.5% |
Türkiye | 1.3% |
South Korea | 1.1% |
Thailand | 1.1% |
Italy | 0.7% |
Morocco | 0.7% |
Algeria | 0.7% |
Singapore | 0.6% |
Brazil | 0.5% |
Trinidad and Tobago | 0.5% |
Hong Kong SAR, China | 0.5% |
Jordan | 0.4% |
See More Countries | 64.2% |
Main Suppliers (% of Imports) |
2019 |
Saudi Arabia | 33.7% |
China | 11.1% |
Australia | 5.0% |
United Arab Emirates | 5.0% |
Brazil | 4.6% |
United States | 4.5% |
Japan | 3.8% |
India | 3.7% |
Germany | 3.1% |
United Kingdom | 2.6% |
Italy | 1.9% |
Switzerland | 1.7% |
France | 1.6% |
Türkiye | 1.5% |
South Korea | 1.4% |
Oman | 1.0% |
Thailand | 0.9% |
Spain | 0.8% |
Sweden | 0.8% |
Vietnam | 0.7% |
See More Countries | 40.6% |
Source: Comtrade, 2022. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
Source: Comtrade, 2022. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
To go further, check out our service Import Export Flows.
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Actualitzacions: January 2023
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