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Chamber of Industry exports rise by 57% this year

2 Mining picture
An undated photo of a mining facility in Jordan. (Photo: Flickr)

AMMAN — The Amman Chamber of Industry (ACI) said exports rose by 57 percent in the first quarter of the year.اضافة اعلان

Three sectors, namely mining, foodstuffs, and engineering, had the lion share of the certificates of origin issued during that period. The three sectors collectively contributed nearly 72 percent of the growth.

The unprecedented rise in exports underlines the ability of Jordanian industries to overcome difficulties and competition in international markets, due to the high quality of products.

This should prompt more support for local manufacturers, to enable them to increase production and expand businesses that generate more job opportunities, according to ACI.

Some 1,400 various commodities produced in most regions of the Kingdom are exported to more than 142 markets around the world.

ACI spokesperson Mohammad Salahat told Jordan News that, according to the chamber’s statistical data, exports during the first quarter of this year amounted to JD2.216 billion, while it stood at JD1.416 billion in the same period of 2021.

According to Salahat, potash chloride was the highest exported product, followed by phosphate, diammonium phosphate, cement, and cement products, in addition to calcium carbonate.

Economic and investment specialist Wajdi Makhamreh told Jordan News that the mining and chemicals sectors witnessed a big increase in exports. The Russian-Ukrainian war contributed to the world moving away from these traditional markets to import from other countries, like Jordan.

Makhamreh said the increased exports will contribute to a rise in foreign currency and eventually a growth in the domestic economy, which, in turn, will reflect on employment.

According to Makhamreh, economic growth this year is estimated at 2.5 to 3 percent, “which is limited”.

Political economy specialist Zayyan Zawaneh said the rise in exports is normal after the pandemic and the production levels are returning to normal.

“We noticed an increase in demand for exports globally”, he said.

Zawaneh said that the strong and rapid recovery that the world has been witnessing was accompanied by problems, most notably absence of international trade, lack of semiconductors, shipping containers, and high costs of shipping and insurance.

Zawaneh stressed that these factors raised prices, and “we began to witness an accelerated rise in inflation rates, which coincided with the Russian-Ukrainian crisis, which negatively affected the world, as we witness countries resorting to protectionist policies and stopping the export of many materials to the global market”.

That, in turn, “led to high interest rates, slowed the process of global economic recovery, and lowered the expectations of economic growth, especially in emerging market countries such as Jordan, and therefore it is difficult to see a state of economic prosperity, whether globally or in Jordan”, he concluded.

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