Jordan’s trade balance deficit falls 9% in 10 months of 2023

Arab News: Jordan witnessed a 9 percent decline in its trade balance deficit in the 10 months of 2023 compared to the same period of the previous year.  

According to a monthly report on external trade released by the Jordanian Department of Statistics, the gap between imports and exports stood at 8.14 billion Jordanian dinars ($11.48 billion), compared to 8.94 billion dinars in the same period in 2022.  

The data revealed that the country’s exports during the first 10 months of this year amounted to 7.46 billion dinars, with imports totaling 15.50 billion dinars. 

While Jordan’s overall national exports fell by 2.4 percent during this period, its total imports slumped by 6 percent, fueled by a 15 percent cut in crude oil and its derivatives.  

“The deficit in the trade balance has decreased by 9 percent during the first 10 months of 2023 compared to the same period of 2022,” the report stated.   

It also found that exports of ornaments and precious jewelry registered a 71.2 percent growth to 671 million dinars between January and October from 392 million dinars in the year-ago period.  

On the imports front, vehicles, motorcycles and accessories reported the highest growth. The category rose 40 percent to 1.36 billion dinars from 972 million dinars during the period under review.  

Jordan’s national exports to Saudi Arabia climbed 20.5 percent to 842 million dinars during the 10 months of this year. It exported goods worth 699 million dinars to the Kingdom.    

The country’s exports to the Greater Arab Trade Zone also advanced 15.2 percent to 2.56 billion dinars during the period under review.  

The national exports to North America, particularly those under the North American Free Trade Agreement, increased slightly by 0.1 percent.   

In terms of imports, the US and other Asian nations, particularly China, saw increased values. In contrast, imports from Saudi Arabia in the first 10 months of this year declined 11.6 percent to 2.23 billion dinars compared to 2.52 billion dinars in the corresponding period last year.

Arab Contribution Time: 27-Dec-2023 20:16 (GMT)
Arab Last Update Time: 27-Dec-2023 20:16 (GMT)