The total trade for May 2024 grew by 37.4 per cent to BND2,393.6 million, compared to May 2023. This was contributed by exports valued at BND1,382.1 million and imports valued at BND1,011.5 million, according to a press release from the Department of Economic Planning and Statistics (DEPS) of the Ministry of Finance and Economy.
The major contributors to export value were Mineral Fuels at 76.8 per cent followed, by Chemicals at 21.5 per cent and Machinery and Transport Equipment at 0.8 per cent.
The main export markets were Australia at 23.6 per cent, followed by People’s Republic of China and Singapore at 19.7 per cent and 12.4 per cent respectively. The largest export commodity to these countries were Mineral Fuels. 4. Meanwhile, imports in May 2024 were valued at BND1,011.5 million.
The three main imports by commodity were Mineral Fuels, accounting for 75.4 per cent, followed by Machinery and Transport Equipment at 8.3 per cent, and Food 6.3 per cent.
Overall, trade balance fell by 9.7 per cent, driven by a higher import increase of 52.0 per cent compared to an export increase of 28.4 per cent.
The imports for end-use categories, were mainly used as Intermediate Goods for processing at 61.8 per cent, followed by Capital Goods at 35.5 per cent for business operations, and Consumption Goods at 2.7 per cent for household use.
