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Bahrain-Saudi non-oil trade reaches $789M in Q1

Bahrain-Saudi non-oil trade reaches $789M in Q1

 

Non-oil trade between Bahrain and Saudi Arabia reached SR2.96 billion ($789 million) during the first quarter of 2021, largely due to the uninterrupted movement of goods via the King Fahd Causeway, a media report said, Zawya reported.

The continuous flow of trade is. New logistics technology and the introduction of the Authorized Economic Operator (AEO) program that expedites processing for multinationals based in Bahrain and Saudi Arabia has cut the waiting period for trucks from an average of four hours to 20 minutes, reported Saudi Gazette, citing a report by Bahrain’s eGovernment and Information Authority.

The total value of trade in between the GCC and Bahrain reached SR6.6 billion ($1.76 billion), a rise of 6 percent from Q1 2020. Reaching second place in GCC trade with Bahrain is the United Arab Emirates (UAE), recording SR2.4 billion ($639 million), an increase of 15 percent from Q1 2020.

Trade with Oman also showed a significant increase, reaching SR862 million ($230 million), a 27 percent rise from Q1 2020. Oman was followed by Kuwait, recording SR 367 million ($98 million) in bilateral trade in Q1 2021.

The value of global imports increased by 4 percent, reaching SR13.2 billion ($3.52 billion) during the first quarter of 2021. Exports of nationally produced products from Bahrain increased by 18 percent, reaching SR6.75 billion ($1.811 billion) globally. The manufacturing sector is a key driver of the Kingdom’s economic diversification and a significant and consistent contributor to Bahrain’s economy accounting for 14.5% of the GDP.

 

 

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