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Manama / Emirates Business
Trade between the UAE and Bahrain returned to levels not seen since before the Covid-19 pandemic, with new figures revealing $936 million in bi-lateral commerce during the first half of this year.
June’s figures showed the positive economic impact of support measures on the economies of both kingdoms, with trade returning to $139.6 million — the highest levels since coronavirus struck the region in March this year.
The recent reopening of the King Fahd Causeway to transit traffic is expected to further boost trade numbers in the latter half of the year.
According to the new figures, Bahrain’s overall trade for the year-half reached $10.4 billion globally, including $2.9 billion to other GCC nations. Despite the Covid-19 pandemic, the kingdom’s overall global trade figures during the first six months of 2020 reduced by just 2%.
The numbers reveal that Bahrain is becoming a regional distribution hub for the logistics industry, with exports to the GCC over the first half of the year representing 66% of the total figure. Imports to the kingdom from the rest of the GCC
represented 34% of the kingdom’s bilateral trade.
This first half of this year has also seen Bahrain extend technology further into its supply chain, including the launch a first-of-its-kind in the region “SmartHub” logistics warehouse for pharmaceuticals and food. This next generation logistics warehouse utilises emerging technologies to ensure the speedy and efficient distribution of much-needed foods and medicines across the entire GCC. It is the first ‘smart hub’ in the world to integrate a track and trace system on a blockchain platform with smart contracts for customs clearances and fee payments.