National Exports Decline in First Quarter of 2024

Amman: Jordan's national exports registered a decline, totaling about JD1.106 billion until February this year, compared to JD1.433 billion for the same period last year, marking a decrease of 22.8 percent. These exports encompass goods and services produced domestically and sold abroad, representing the local products and services offered by Jordanian institutions and companies to international markets. As outlined in the monthly report by the Department of Statistics on Foreign Trade, total exports amounted to approximately JD1.223 billion by the end of February this year, down from JD1.525 billion for the same period last year, marking a decrease of 19.8 percent. Total exports encompass all goods and services exported from the country to foreign destinations, including locally produced or re-exported products. The value of imports decreased by 5.6 percent, reaching JD2.840 billion by the end of February this year, compared to JD3.010 billion for the same period last year. However, re-exports saw an inc rease, totaling JD117 million by the end of February this year, up by 27.2 percent from JD92 million for the same period last year. Consequently, the trade balance deficit widened to about JD1.617 billion by the end of February this year, compared to JD1.485 billion for the same period last year, marking an increase of 8.9 percent. The coverage ratio of total exports to imports stood at 43 percent by the end of February 2024, down from 51 percent during the same period in 2023, marking a decrease of 8 percentage points. In February 2024, total exports amounted to JD573 million, with national exports totaling JD513 million and re-exports reaching JD60 million. Imports during the same month amounted to JD 1.522 billion, resulting in a trade balance deficit of JD949 million in February 2024. Comparatively, total exports in February 2024 declined by 35.8 percent compared to the same month in 2023, with national exports dropping by 39.4 percent while re-exports increased by 33.3 percent. Imports also rose by 1 1.2 percent. The coverage ratio of total exports to imports during February 2024 reached 38 percent, down from 65 percent during the same month in 2023, marking a decrease of 27 percentage points according to the report. Source: Jordan News Agency