Bahrain’s exports to South Korea took a hit in the first half of 2024, showing a decline of 30.7% compared to the same period in 2023, according to data from the South Korean government. The exports totaled around $164.75 million, down from $237.86 million. On the other hand, imports from South Korea to Bahrain saw a slight increase, reaching $93.4 million, up from $90.63 million.
Across the Gulf Cooperation Council (GCC) countries, exports to South Korea experienced a modest rise of 2.13% in the first six months of 2024. The combined exports from the six GCC nations amounted to $40.687 billion, showing a growth from $39.837 billion in the same period last year. Imports from South Korea to the GCC also saw an uptick, reaching $6.341 billion in the first half of 2024, up from $5.988 billion in the same timeframe in 2023.
Saudi Arabia remained South Korea’s largest trading partner within the GCC, contributing 39% of the region’s total exports. Saudi Arabia’s exports to South Korea reached around $15.931 billion, showing a slight decline from the previous year. The imports to Saudi Arabia from South Korea also increased slightly compared to 2023.
The UAE stood out with strong export growth to South Korea, showing a significant rise of 26.8% in the first half of 2024. UAE exports reached $10.004 billion, up from $7.889 billion in the same period last year. Imports from South Korea to the UAE also increased, reaching $2.638 billion.
Overall, the trade balance continues to favor the GCC, with a surplus of $40.345 billion in 2024 compared to $33.848 billion the previous year. The data reflects the ongoing trade dynamics between the GCC countries and South Korea, highlighting the importance of these economic relationships for both regions.
