Manama, April 12 (BNA) The Center for Studies and Initiatives of the Bahrain Chamber of Commerce and Industry issued its report entitled “Trade under the microscope”, which reviews the trade relations between Bahrain and South Korea.
The report presents key trade indicators, and highlights potential sectors.
It has been continuously growing, with the trade volume increasing by 135% from 2017 to 2021.
Exports from Bahrain to South Korea exceeded imports for the first time in the past five years, and saw a 141% increase in 2021 compared to their 2020 levels.
The report indicated that in 2021, the most imported product for Bahrain was private cars, with a value of $25 million, and they accounted for 11% of the total imports.
The import value of this product increased by 230% compared to the previous year. The second most notable imported product was other conductors with a width greater than 100V and less than 11mm, which also accounted for 11% of the total imports and grew by 10693% compared to 2020.
While the third major import was coke, which represented 8% of total annual imports and grew by 77%.
Regarding Bahrain’s exports, the report stated that Bahrain exported $177 million worth of raw aluminum ingots to South Korea in 2021, making it the largest exported commodity.
This product accounted for 43% of total exports in 2021, and grew by 287% compared to 2020. The second largest exported product was partitions (U, I, H), partly operated, with a height of less than 80 mm, which is 20% of the total annual exports and experiencing an annual growth rate of 122%.
The third largest exported product was unwrought aluminium, not alloys, accounting for 18% of total exports and 562% growth compared to 2020.
The report indicated that South Korea is one of Bahrain’s most prominent trading partners. In 2021, the country was Bahrain’s sixth largest export partner and 14th largest import partner. It has a highly developed and technologically advanced $2 trillion economy, led by sectors such as electronics, telecommunications, automobile production, chemicals, shipbuilding, textiles, and steel. Promising sectors for cooperation between Bahrain and South Korea include electronics, information and communications technology, automobiles, financial services and healthcare. It is also worth noting that South Korea is the seventh largest exporter of goods and the ninth largest importer of goods worldwide.
Bahrain and South Korea signed 4 agreements and 12 memoranda of understanding.
The Bahrain Chamber of Commerce and Industry held several Bahraini-Korean business forums to enhance cooperation and encourage joint investment in promising sectors.
To further increase the volume of trade, the Gulf Cooperation Council countries and South Korea officially announced the resumption of free trade negotiations between the two sides in January 2022. The goal is to reach an agreement within six months from the date of the first round of negotiations.
The FTA will be comprehensive and will contribute to promoting economic growth in the countries concerned.
FKN