Trade Balance Deficit Decreases by 2.5% in First Five Months of 2024

Jordan's trade balance deficit decreased by 2.5 percent in the first five months of 2024, reaching JD 3.865 billion compared to JD 3.966 billion for the same period last year. The total value of exports fell by 1.5 percent to JD 3.628 billion, down from JD 3.683 billion in the corresponding period. National exports specifically saw a 4.1 percent decline, amounting to JD 3.276 billion, compared to JD 3.415 billion. According to the Department of Statistics' monthly report issued on Thursday, the value of imports also declined by 2 percent, reaching JD 7.493 billion, down from JD 7.649 billion. Re-exports, however, increased by 31.3 percent to JD 352 million, up from JD 268 million. The coverage ratio of total exports to imports remained steady at 48 percent, the same as in the previous year. In May alone, the total value of exports reached JD 880 million, with national exports at JD 788 million and re-exports at JD 92 million. Imports for the month amounted to JD 1.675 billion, resulting in a trade balance deficit of JD 795 million. The report noted an 8.6 percent increase in total exports in May compared to the same month in 2023, with national exports rising by 7.5 percent and re-exports by 19.5 percent. Imports, on the other hand, decreased by 8.8 percent, leading to a 22.5 percent reduction in the trade balance deficit. The coverage ratio of total exports to imports in May improved to 53 percent, up from 44 percent in May 2023, marking a 9 percentage point increase. Source: Jordan News Agency