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Industrial exports up 53.7%

1. export-3343870_1280 (Pixabay)
(File photo: Jordan News)
AMMAN — Jordan’s industrial exports grew by 53.7 percent to JD2.38 billion in the first four months of this year, a record number for the past 10 years signaling a healing economy, according to the Jordan News Agency, Petra.اضافة اعلان

Fathi Al-Jaghbir, president of the Jordan and Amman Chambers of Industry, said in a statement Monday that the growth stemmed from efforts exerted in recent years, which included cooperation with various institutions and international organizations, and participation in foreign exhibitions.

Industrial exports reached 133 markets worldwide between January and April, with the US commanding the lion’s share of 19.5 percent of the total exports, followed by India with 18.1 percent.

The exports also reached non-traditional markets, driven by an increase in fertilizer exports to Brazil, Indonesia, and Australia, which bought by JD63 million, JD60 million, and JD32 million of the Jordanian product, respectively.

Additionally, the industrial sector recorded a growth in the Industrial Production Quantities index in the first four months of the year by 5.4 percent, compared with the same period last year, Jaghbir added.

Increased inflation rates may reflect negatively on the national industry, if it continues, he warned. He explained that the citizens’ purchasing power may decline, adversely affecting demand in the local market.

Jaghbir pointed to the rise in production costs due to a global rise in prices of primary commodities, especially energy resources, which may lead to a hike in the prices of the already-strained locally-manufactured products.

“The next stage calls for key decisions to support the national industry, in addition to maintaining food security and the sector’s ability to cover the needs of the local market at reasonable prices,” Jaghbir proposed.

He suggested creating a soft and flexible financing program supported by the Central Bank of Jordan, which has recently hiked its interest rates.


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