Foreign trade on recovery path, says JBA president

(Photo: JBA Facebook)
AMMAN — Since the beginning of 2022, the Kingdom’s foreign trade has been steadily bouncing back from the lows brought on by the COVID-19 pandemic, Jordanian Businessmen Association (JBA) President Hamdi Tabbaa said on Tuesday, according to the Jordan News Agency, Petra.اضافة اعلان

Tabbaa said in a statement that the upward trajectory of the Kingdom’s foreign trade is underpinned in part by its free trade pacts with a number of word countries.

He noted that the JBA has compiled a report on foreign trade for the period 2017-2021, focusing on the effects of economic developments on various foreign trade indicators.

In the first half of 2022, he said, national exports increased by 45.5 percent compared to the same period in 2021, while imports increased by 38.6 percent, resulting in an exports-to-imports coverage ratio of 44.6 percent.

Since Jordan joined the World Trade Organization, said Tabbaa, its policies have been geared toward removing trade restrictions and increasing national exports.

Jordan’s “diverse” service sector contributed to the country’s service trade balance posting a surplus of about $2.2 billion from 2016 to 2019, Tabbaa noted.

Exports of services include those related to commerce, tourism, travel, transportation, construction, finance, information technology, and insurance. The largest portion of exports, which totaled $2.3 billion in 2020, was of trade services.

As a result of the pandemic, Jordan’s service sector trade balance recorded a $500 million deficit in 2020, $2.5 billion in exports and $3 billion in imports, while in 2019, the figures stood at $8 billion in exports and $4.8 billion in imports, Tabbaa added.
45.5% increase in national exports in first half of 2022 compared to same period of 2021
According to the most recent International Trade Centre data, service sector trade exchange fell by $7.3 billion in 2020, with Jordanian exports falling by $5.5 billion and imports dropping by $1.8 billion.

The fertilizers industry alone has unrealized export potential worth $792 million, the JBA president said, “not to mention the $736 million in the chemicals industry, the $576 million in the garment industry, the $506 million in the livestock industry, and the $483 million in the pharmaceuticals industry.

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