RIYADH: Jordan’s exports to countries within the Greater Arab Free Trade Area recorded a year-on-year rise of 15.6 percent by the end of November, new figures revealed
According to official statistics compiled by the Jordan News Agency, the Middle Eastern nation’s exports to GAFTA countries reached 3.25 billion Jordanian dinars ($362 billion), up from 2.81 billion dinars in the same period of the previous year. Jordan’s exports to the 18 GAFTA countries include fertilizers, pharmaceuticals, and agricultural products.
Similarly, the data showed that Jordan’s imports from the free trade zone also grew during the same period, rising by 8.5 percent to reach 4.69 billion dinars.
Imports from GAFTA countries primarily consist of crude oil and its derivatives, jewelry, and food products, as well as plastic sheets, titanium oxide, polystyrene, iron, and steel products, among others.
The newly released data falls in line with the recent rise in exports and imports recorded between Jordan and GAFTA countries, which jumped 9.7 percent and 9.3 percent, respectively, in the first three months of 2024.
The data also showed that the increase in exports and imports helped reduce the trade deficit with GAFTA countries to 1.43 billion dinars, down from 1.50 billion dinars in the same period last year.
Meanwhile, trade volume between Jordan and GAFTA countries surged to 7.95 billion dinars by the end of November, compared to 7.14 billion dinars in the same period a year earlier.
Saudi Arabia emerged as Jordan’s top export destination within the group, with exports to the country amounting to 1.07 billion dinars, a 13.7 percent rise from the same period in 2023.
The Kingdom also ranked as Jordan’s largest import source, with exchange totaling 2.69 billion dinars, resulting in a trade deficit of 1.66 billion dinars with Saudi Arabia by the end of November.
Jordan’s exports to US surges 14.9 percent
Additional data from Jordan News Agency disclosed that the country’s exports to the US increased 14.9 percent year on year in the first 11 months of 2024 to reach 2.04 billion dinars.
The country’s primary exports to the North American country include garments, jewelry, fertilizers, and pharmaceuticals as well as IT services, food products, live animals, and engineering goods.
Similarly, the data showed that Jordan’s imports from the US hit 1.13 billion dinars during the period, reflecting 4.7 rise compared to the corresponding period in 2023.
Jordan’s imports from the US consist of mineral products, transportation equipment, machinery, electrical appliances, and grains as well as chemicals, medical devices, processed foods, and wood pulp, among others.
This is in line with the fact that the trade partnership between the two nations was strengthened by the Free Trade Agreement, which was signed in October 2000 and took full effect in January 2010. This deal has led to an eightfold surge in bilateral trade, highlighting its importance in fortifying economic connections.
As a result of the rise in exports and imports, the trade balance between Jordan and the US recorded a surplus of 910 million dinars during the period.
The total volume of trade between the two countries climbed to 3.17 billion dinars by the end of November, compared to 2.86 billion dinars in the same period of 2023.
