Bahrain raised its imports of Brazilian products by 169 percent in the first half of 2021. Iron ore, which accounted for 93 percent of shipments to the Gulf country, has the most leading role in trade growth.
The Arab country’s demand for Brazilian products is in the part of the race for economic recovery among countries leading COVID-19 vaccination.
The Arab country purchased 87 percent more iron ore from Brazil, totaling 6,088 million tons from January to June in 2021. The total revenue from trading was $863.377 million when compared to the same period in 2020, there was a 256 percent increase.
Mr. Marcos Henrique, an economist specializing in mining at Lafis Consultancy said, “if I were to give a key reason why Bahrain is accelerating its purchases, in that case, it is the same reason China and Saudi Arabia have, which is to be able to boost their economic activity before everyone else.”
According to the World Health Organization (WHO), until July 13, Bahrain already had almost 70 percent of its population fully immunized against the new coronavirus variant.
The entire Middle East is known for its investments in infrastructure and works, and the rebound in demand has caused ore prices to climb. The price of ore, as well as oil, reflected this shift. Prices have risen again since the end of last year.
According to reports, ductile iron pipe sales in GCC countries marked at $425 million in 2020. Government funding for water desalination and transportation projects will continue to open up new economic prospects. For example, the United Arab Emirates (UAE) has begun a multi-million-dollar government-funded project aimed at water desalination and desalinated water transportation for public benefit.