RIYADH: Jordan recorded a 12.4 percent increase in its exports to the countries of the Greater Arab Free Trade Area in 2023 as its trade relations continued to grow.
The value of the country’s exports to the trade zone reached 3 billion Jordanian dinars ($4.2 billion), compared to 2.7 billion dinars in 2022, according to the Jordan News Agency, Petra.
This has led the country to top the list of trade partners in the Greater Arab Free Trade Area in terms of national exports, Petra reported.
The economic bloc was established in January 2005 with 18 member states that strive for economic integration and trade exchange with low customs rates.
Jordan’s main exports to the area include fertilizers, medicine, and fruits and vegetables, as well as salts and skin care products, furniture, and fabric, in addition to textiles and pesticides.
Meanwhile, imports from the countries of the area are topped by crude oil and its derivatives.
Despite the increase in exports, the value of Jordan’s imports from the country’s Free Trade Area decreased by 18.5 percent during the past year, reaching 4.711 billion dinars, compared to 5.778 billion dinars in 2022.
This led to a 16.9 decline in the country’s oil bill last year, amounting to 2.95 billion dinars, compared to 3.556 billion dinars in 2022.
The fall in Jordan’s oil bill contributed to the decrease in the value of its imports during the past year by 6 percent, which was reflected positively by a 10 percent decrease in its trade deficit.
Data indicates that fuel and mineral oils topped the list of the country’s imports of petroleum derivatives during the past year, reaching 962 million dinars, compared to 985 million dinars in 2022.
This was followed by crude oil, which stood at about 741 million dinars last year, compared to 962 million dinars in 2022.
