Jordan’s exports to Eurozone reach JD83M in Q1 2024

Amman: Jordan's national exports to the European Union (EU) totaled JD83 million in the first quarter of 2024, a slight decline from JD84 million during the same period last year, representing a 1.2 percent decrease. According to official statistical data monitored by the Jordan News Agency (Petra), the Kingdom's imports from EU countries fell to JD638 million in the first quarter of this year, compared to JD719 million in the same period last year, marking an 11.3 percent reduction. The trade deficit between Jordan and the EU decreased to approximately JD555 million in the first quarter of 2024, down from about JD635 million in the corresponding period of 2023. Overall trade between Jordan and the EU reached JD721 million in the first quarter, compared to JD803 million in the same period last year. The Netherlands emerged as the leading European destination for Jordanian exports, amounting to JD19 million in the first quarter, up from JD18 million last year. Germany remained the top source of Jordanian i mports, with imports valued at around JD147 million, down from JD160 million in the same period last year, reflecting an 8.1 percent decrease. Mohammad Al-Samadi, a member of the Jordan Europe Business Association (JEBA), emphasized to Petra that increasing Jordanian exports to the EU requires several key measures. These include improving product quality to meet European standards, investing in research and development for innovative products suited to the European market, and adopting modern, sustainable production techniques. Al-Samadi highlighted the need to simplify customs and administrative procedures and enhance logistical infrastructure to expedite export processes. He underscored the importance of establishing strategic partnerships with European companies and participating in economic exhibitions to promote national products and boost trade. He also stressed the significance of collaboration between Jordanian and European regulatory bodies and creating joint regulatory programs to overcome obstac les facing Jordanian industries. Compliance with European environmental standards is essential to enhance the competitiveness of Jordanian products in the European market. Al-Samadi identified significant opportunities in exporting food and agricultural products, especially organic and halal items, along with medical supplies, pharmaceuticals, technology and software, particularly in cybersecurity and digital transformation, and the chemical sector as promising export areas. He noted the increasing demand for handmade and traditional crafts, renewable energy solutions, and clean technology, aligning with Europe's shift towards sustainable energy. He highlighted the importance of the agreement on simplifying the rules of origin between Jordan and the EU, facilitating easier export of Jordanian products to European markets. This agreement reduces costs and enhances the competitiveness of Jordanian products, opening new avenues for national exports and bolstering the Jordanian economy. Despite the agreement b eing in effect for over eight years, Al-Samadi pointed out that the benefits to Jordanian industrial companies have been modest, with fewer than 20 companies exporting to EU markets under this agreement. Al-Samadi called for continuous cooperation between the government and the private sector to boost exports and increase competitiveness in European markets by improving product quality, fostering innovation, simplifying customs procedures, and adopting effective marketing strategies. Source: Jordan News Agency