Bahrain flag Bahrain: Economic and Political Overview

Foreign trade figures of Bahrain

Foreign Trade in Figures

Bahrain's market constitutes one of the most diversified economies in the region. The country is very open to foreign trade, which accounted for 140% of the GDP in 2020 (World Bank, 2023). Petrochemical products account for over 60% 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 (17%), followed by the United Arab Emirates (9%), the United States (6%) and Oman (4.1%). Saudi Arabia was also the main supplier in 2021 (24% of total imports), followed by China (11.3%), Australia (5.7%) and the United Arab Emirates with 5.3% (Trade Economics, 2022).

Bahrain recorded a trade deficit of BD155 million (411.26 million USD) during 2022 compared to a deficit of BD643 million for the previous year (Zawya, 2023). Bahrain exports of goods stood at 22.36 billion USD in 2021, while imports increased from 12.68 billion USD to 14.18 billion USD in 2021 according to data from WTO. Exports of services increased to 13.22 billion USD in 2021, whereas imports of services increased to 10.28 billion USD (WTO, 2023).

The value of exports of Bahrain origin products increased 24%, reaching BD4.967 billion (13.18 billion USD) during 2022, compared to BD3.994 billion in the previous year. The value of imports into Bahrain increased 10% in 2022, reaching BD5.842 billion (15.5 billion USD), compared to BD5.316 billion for the previous year (Zawya, 2023).

 
Foreign Trade Values 20182019202020212022
Imports of Goods (million USD) 14,87113,25612,68314,18815,537
Exports of Goods (million USD) 18,04418,12014,06622,36930,194
Imports of Services (million USD) 8,0778,0839,26310,2898,582
Exports of Services (million USD) 12,24911,76511,49713,22511,571

Source: World Trade Organisation (WTO) ; Latest available data

Foreign Trade Indicators 20172018201920202021
Foreign Trade (in % of GDP) 143.1150.8141.7140.2159.8
Trade Balance (million USD) -700-1,066n/an/an/a
Trade Balance (Including Service) (million USD) 2,8562,910n/an/an/a
Imports of Goods and Services (Annual % Change) 7.65.7-5.6-0.715.2
Exports of Goods and Services (Annual % Change) 3.73.30.4-2.529.5
Imports of Goods and Services (in % of GDP) 67.371.665.267.370.2
Exports of Goods and Services (in % of GDP) 75.879.376.572.989.6

Source: World Bank ; Latest available data

Foreign Trade Forecasts 20232024 (e)2025 (e)2026 (e)2027 (e)
Volume of exports of goods and services (Annual % change) 2.84.92.81.01.1
Volume of imports of goods and services (Annual % change) 1.13.62.51.11.1

Source: IMF, World Economic Outlook ; Latest available data

Note: (e) Estimated Data

 
International Economic Cooperation
Member of Gulf Cooperation Council (GCC)

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 Partner Countries

Main Customers
(% of Exports)
2022
Saudi Arabia 13.7%
United States 8.6%
United Arab Emirates 7.4%
Netherlands 3.5%
Oman 2.9%
See More Countries 63.9%
Main Suppliers
(% of Imports)
2022
China 14.5%
Brazil 10.6%
Australia 8.7%
United Arab Emirates 8.3%
United States 6.5%
See More Countries 51.5%

Source: Comtrade, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

Main Products

22.3 bn USD of products exported in 2022
Unwrought aluminiumUnwrought aluminium 23.9%
Iron ores and concentrates, incl. roasted iron...Iron ores and concentrates, incl. roasted iron pyrites 9.7%
Aluminium wire (excl. stranded wire, cables,...Aluminium wire (excl. stranded wire, cables, plaited bands and the like and other articles of heading 7614, electrically insulated wires, and strings for musical instruments) 3.2%
Plates, sheets and strip, of aluminium, of a...Plates, sheets and strip, of aluminium, of a thickness of > 0,2 mm (excl. expanded plates, sheets and strip) 2.2%
Mineral or chemical nitrogenous fertilisers (excl....Mineral or chemical nitrogenous fertilisers (excl. those in pellet or similar forms, or in packages with a gross weight of <= 10 kg) 1.9%
See More Products 59.2%
15.5 bn USD of products imported in 2022
Iron ores and concentrates, incl. roasted iron...Iron ores and concentrates, incl. roasted iron pyrites 12.0%
Artificial corundum, whether or not chemically...Artificial corundum, whether or not chemically defined; aluminium oxide; aluminium hydroxide 8.0%
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 4.8%
Parts suitable for use solely or principally with...Parts suitable for use solely or principally with internal combustion piston engine of heading 8407 or 8408 3.1%
Gold, incl. gold plated with platinum, unwrought...Gold, incl. gold plated with platinum, unwrought or not further worked than semi-manufactured or in powder form 2.6%
See More Products 69.6%

Source: Comtrade, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

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Latest Update: February 2024

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