Jordan's Foreign Trade Surges in January: Exports Rise, Deficit Shrinks

Jordan's Foreign Trade Surges in January: Exports Rise, Deficit Shrinks
Amman - Jordan's foreign trade index for January of the current year has shown promising signs, with notable improvements observed in the country's total exports, imports, and trade balance.اضافة اعلان

According to an analysis by the Jordan News Agency (Petra), the Kingdom's total exports in January reached JD650 million, marking a 2.7 percent increase compared to the same period last year. Conversely, imports experienced a significant decline of 19.7 percent during the same time-frame, resulting in a notable 33.7 percent reduction in the Kingdom's trade deficit.

The surge in exports was attributed to growth in sectors such as fertilizers, garments, and pharmaceutical preparations, which collectively contributed to the increase in the value of national exports to JD593 million for the month.

Conversely, the decrease in imports was primarily driven by a decline in the value of crude oil and its derivatives, machinery, and electrical tools, which collectively amounted to JD1.318 billion.

These positive indicators underscore the resilience of Jordan's economy amidst various challenges, including recent regional conflicts and global economic uncertainties.

The Department of Statistics reported a ten-percentage-point increase in the ratio of total exports to imports coverage, reaching 49 percent in January of this year compared to 39 percent for the same month in the previous year, signaling a continued improvement in the Kingdom's trade balance.

The decrease in Jordan's trade deficit for January reflects the concerted efforts led by the government, under the directives of His Majesty King Abdullah II, aimed at enhancing trade performance and bolstering the country's economic competitiveness, thereby fostering confidence in foreign investments and supporting economic growth.

Former Finance Minister Dr. Mohammed Abu Hammour emphasized the significance of these positive developments and stressed the importance of further analysis to sustain these trends. He highlighted the need for continued efforts to enhance renewable energy sources and promote locally produced goods to maintain consumer confidence.

Regarding exports, Abu Hammour underscored the critical role they play in the national economy, emphasizing the importance of fostering partnerships between public and private sectors to overcome bureaucratic obstacles and reduce production costs.

He also emphasized the importance of providing preferential treatment for investment opportunities that contribute to expanding export capabilities and opening new markets.

Jordan's banking sector offers suitable financing alternatives for export purposes, while promotion programs and exhibitions serve to identify export opportunities in various markets.

In conclusion, the positive growth recorded in Jordan's foreign trade for January reflects the country's ability to adapt to economic challenges and its commitment to sustainable economic development.

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