Saudi Arabia remained Bahrain’s top trading partner within the GCC, though trade volume decreased slightly to $867 million in Q3 2024 from $873m the previous year, according to a Bahrain Chamber report citing official data.

Trade with the UAE, Bahrain’s second-largest GCC trading partner, dropped 22pc to $640m from $819m.

Bucking the trend, trade with Qatar surged 409pc to $93m from $18m. However, trade with Kuwait declined 19pc to $92m from $113m, and trade with Oman plummeted 48pc to $68m from $131m.

Saudi Arabia also was the largest export market for Bahraini goods in the third quarter of 2024, with exports totalling $647m.

Agglomerated iron ores and concentrates were the top export to Saudi Arabia, valued at $125m, representing 19pc of total exports to Saudi from Bahrain.

The UAE was Bahrain’s second-largest export destination, with exports reaching $396m. Similar to Saudi Arabia, agglomerated iron ores and concentrates were the top export, at $72m (18pc of exports).

The United States ranked third, with exports of $291m. Unwrought aluminium (not alloyed) was the leading export to the US, at $68m (23pc).

Exports to the Netherlands totalled $119m, with unwrought aluminium alloys the top commodity at $58m (48pc). Brazil was Bahrain’s fifth-largest export market, with exports of $115m, driven by urea (whether or not in aqueous solution) at $72m (62pc).

Overall, the top imported commodity in Q3 2024 was other aluminium oxide, valued at $452m, followed by non-agglomerated iron ores and concentrates ($440m) and aircraft engine parts ($104m).

Unwrought aluminium alloys were the top exported commodity in Q3, totalling $650m. Agglomerated iron ores ($391m) and unwrought aluminium (not alloyed) ($225m) were the second and third largest exports, respectively.

Bahrain’s consumer price index (CPI) rose 0.4pc in September 2024 compared to the same month of 2023, the report noted.

The restaurants and hotels group saw the largest price increase, rising 10.3pc. The transport group rose 2.4pc, while the communication group increased 2.2pc.

The recreation and culture group experienced a 6.8pc price decline.

Interest rates on business loans in Bahrain decreased across all sectors in the third quarter of 2024 compared to the same period last year.

In the construction and real estate sector, interest rates fell to 8.61pc from 9.22pc in Q3 2023. The manufacturing sector saw a decrease to 6.47pc from 8.26pc, while the trade sector’s interest rate dropped to 8.39pc from 9.13pc.

Bahrain saw a surge in digital financial transactions during the third quarter of 2024, with Fawri+ transactions up 14pc and point-of-sale (POS) transactions increasing 15pc year-on-year, the report further added.

The value of POS transactions reached BD1.162bn, up from BD1.012bn in Q3 2023. Supermarket transactions increased 19pc to BD120m, department store transactions rose 29pc to BD41m, and jewellery store transactions grew 8pc to BD30m.

Fawri+ transactions via the Electronic Funds Transfer System (EFTS) reached BD2bn, up from BD1.8bn. Fawri transactions increased 13pc to BD5.8bn from BD5.1bn, and Fawateer transactions grew 14pc to BD302m from BD265m.

Despite the rise in digital payments, ATM withdrawals decreased 8pc to BD264.2m from BD288.7m in Q3 2023.

Fawri+ is an instant, low-value payment service which allows individuals or entities to transfer funds of up to BD1,000 per day in less than 30 seconds; whereas Fawri caters to same-day or future-dated transfers, handling both small and large value payments on working days.

Fawateer is the electronic bill presentment and payment system that allows bank account holders to settle bills from both online and offline billers.

Bahrain has significantly improved its global competitiveness, port efficiency, and e-government ranking.

The kingdom climbed nine places to 21st out of 67 economies in the 2024 IMD World Competitiveness Ranking, driven by strengths in prices (first globally), tax policy (fourth), labour market (sixth), attitudes and values (fifth), and business legislation (ninth).

Khalifa Bin Salman Port (KBSP) was recognised as the world’s most efficient small port in the 2023 Container Port Performance Index, jumping 30 places overall to 43rd globally. It also ranked first as the most improved port in the GCC.

Bahrain advanced 36 places to 18th globally in the UN E-Government Survey, achieving ‘Very High’ e-government development status. The kingdom ranked 10th in the Telecommunications Infrastructure Index (up 55 places), 18th in the E-Participation Index (up 47 places), and 23rd in the Online Service Index (up 31 places). It also improved 33 places to 32nd in the Human Capital Index.

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