Jordan’s exports to GAFTA reach JD1.26 Bln in five months

Amman: Jordan's exports to countries within the Greater Arab Free Trade Area (GAFTA) saw a notable increase in the first five months of 2024, reaching JD1.260 billion compared to JD1.147 billion during the same period of 2023. According to figures picked up by the Jordan News Agency (Petra) based on foreign trade data from the Department of Statistics, national exports to these countries grew by 9.9 percent through May 2024. In contrast, imports from the same countries increased by 4.4 percent, totaling JD2 billion compared to JD1.916 billion last year. Jordan's trade deficit with GAFTA countries amounted to JD740 million by the end of May this year, down from JD769 million during the same period last year. Overall trade between Jordan and the GAFTA countries reached JD3.260 billion by May 2024, up from JD3.063 billion in the previous year. During the first five months of 2024, Jordan achieved a trade surplus with countries such as Oman, Lebanon, Yemen, Libya, Qatar, Morocco, Kuwait, Palestine, Algeria, I raq, and Bahrain, while facing a deficit with Saudi Arabia, the UAE, Egypt, Syria, Tunisia, and Sudan. Saudi Arabia emerged as Jordan's top export destination within the Greater Arab Free Trade Area, totaling approximately JD387 million by May 2024. Jordan also imported the most from Saudi Arabia, amounting to JD1.139 billion, resulting in a trade deficit of about JD752 million with Saudi Arabia by May 2024. Jordanian exports to the GAFTA countries encompass a diverse array of products including fertilizers, pharmaceuticals, fresh and refrigerated fruits and vegetables, salts, skincare products, food preparations,furniture, fabrics, textiles, paints and more. Imports from these countries are mainly crude oil and derivatives, jewelry, food products, plastic sheets and plates, titanium oxide, polyethylene, polystyrene, iron, and related products. In contrast, imports into Jordan predominantly consist of crude oil and derivatives, jewelry, food products, plastic sheets and plates, titanium dioxide, polyethyl ene, polystyrene, iron and its products. The Greater Arab Free Trade Area, established in January 2005, represents a pivotal economic alliance fostering integration and facilitating low-tariff trade among its 18 member Arab countries. Source: Jordan News Agency