Exports Decline by 4.3% in Early 2024, Imports See Slight Increase

Amman: Jordan's total exports for the first third of 2024 reached approximately JD 2.748 billion, marking a 4.3% decrease from JD 2.872 billion recorded during the same period in 2023. According to the Department of Statistics' monthly report on foreign trade released Wednesday, national exports during this period amounted to about JD 2.488 billion, down 7.2% from JD 2.682 billion last year. In contrast, the Kingdom's imports saw a slight increase of 0.1%, rising to JD 5.818 billion from JD 5.813 billion in the same timeframe. The value of re-exports surged by 36.8%, reaching JD 260 million compared to JD 190 million previously. This led to a trade balance deficit of approximately JD 3.070 billion, up 4.4% from the JD 2.941 billion deficit recorded last year. The coverage ratio of total exports to imports dropped to 47%, down from 49%. In April 2024, total exports were valued at JD 681 million, with national exports at JD 615 million and re-exports at JD 66 million. Imports for the month totaled JD 1.428 billion, resulting in a trade balance deficit of JD 747 million. The report highlighted that total exports in April 2024 increased by 4.3% compared to the same month last year. National exports rose by 1.5%, re-exports by 40.4%, and imports increased by 9.9%. Consequently, the trade balance deficit grew by 15.6%. The coverage ratio of total exports to imports in April was 48%, down from 50% in the same month last year. Source: Jordan News Agency