Export Bahrain achieves $1bn in national exports
MANAMA, 3 days ago
As Bahrain continues to strengthen its position in the global economy, Export Bahrain celebrates its dedicated efforts over the past six years in empowering the kingdom's businesses to expand internationally, facilitating a remarkable $1 billion in export value, reported BNA.
Established as the national export development and internationalisation support arm, Export Bahrain has played a crucial role in driving the global success of local businesses while reinforcing Bahrain’s status as a dynamic hub for international trade.
Export Bahrain has consistently demonstrated exceptional year-on-year growth in facilitating exports, underscoring its strategic focus on resilience and economic diversification.
Between 2019 and 2020, Export Bahrain achieved an impressive 167% growth in export value, despite the global challenges posed by the pandemic.
This upward momentum continued with a 66% increase from 2020 to 2021, fueled by the expansion of critical international partnerships. The positive trajectory persisted, with export values rising by 46% from 2021 to 2022 and a further 24% from 2022 to 2023.
Recently, Export Bahrain recorded an additional 26% growth, culminating in a milestone achievement of facilitating $1 billion in export value.
These accomplishments have empowered Bahraini businesses to expand internationally and solidified Export Bahrain’s role in supporting the Kingdom’s economic growth and diversification, said the BNA report.
To strengthen Bahrain's presence in the global marketplace, Export Bahrain has supported the entry of 78 product and service categories into more than 98 international markets with KSA, Kuwait and UAE (GCC countries, followed by Asia and European markets) being the top export destinations.
Export Bahrain’s strategic efforts have elevated Bahrain-based businesses internationally, opening new markets and fostering sustainable export growth.
It has played a pivotal role in facilitating the international expansion of local businesses as Export Bahrain has signed more than 50 partnership agreements with local and international partners, demonstrating its unwavering commitment to putting local exporters on the global trade map.
These collaborations further highlight Export Bahrain’s focus on building strong alliances to enhance Bahrain’s international trade efforts.
Notably, its International Retail Initiative has generated over $5.8 million in revenue locally and internationally, while its E-commerce Facilitation support has transformed over 15 Bahrain-based businesses, enabling them to reach new markets through digital platforms, stated the report.
These initiatives have not only enhanced the global competitiveness of Bahrain’s exports but also equipped businesses with the tools to navigate the complexities of international trade.
Export Bahrain's unwavering commitment to fostering a thriving export ecosystem is reflected in its efforts to empower local businesses, with 20% of first-time exporters, and more than 50 companies benefiting from Export Market Intelligence tools.
These milestones underscore the confidence and capability of Bahrain-based businesses to compete and succeed on the global stage.
In line with its mission to cultivate export awareness, Export Bahrain has hosted various sessions and workshops since its inception, providing exporters with the knowledge and tools needed to explore international markets, reported BNA.
Additionally, presenting national products and services to target audiences by participating in international exhibitions and conferences, which are crucial for facilitating connections between exporters and global buyers therefore supporting trade agreements.
Recognised for its excellence, Export Bahrain has garnered 20 prestigious awards over the past six years, reflecting its transformative contributions to Bahrain’s export sector.
Notably, Export Bahrain has been a finalist for the first time in the World Trade Promotion Organisation (WTPO) Awards 2024 in the "Best of Partnerships" category, a testament to its success in fostering impactful collaborations and advancing Bahrain’s international trade interests.
Abdullah bin Adel Fakhro, Minister of Industry and Commerce and Chairman of Export Bahrain, said: "Export Bahrain has been a catalyst for empowering local businesses and driving substantial export growth. Over the past six years, their unwavering dedication and innovative strategies have positioned Bahrain as a formidable player in the global market."
"This transformative approach fosters increased collaboration, enhances competitiveness, and cultivates a dynamic export ecosystem that benefits both Bahraini businesses and the broader economy," he stated.
Safa Sharif A.Khaleq, Chief Executive Officer of Export Bahrain, said: "Our growth at Export Bahrain reflects our commitment to empowering local businesses to thrive internationally, enhancing their competitiveness and supporting the Kingdom's economic diversification."
"Reaching over $1 billion in export value is a significant milestone, and we will continue to facilitate the growth of Bahraini businesses in the global market," he added.
