Trade Balance Shows Improvement in 2023, Drops by 10pct

Amman: Jordan's trade balance saw a 10% reduction in deficit last year, reaching JD 9.320 billion compared to JD 10.354 billion in 2022. Total exports dropped by 1.5% in the past year, amounting to JD 8.939 billion, down from about JD 9.074 billion in 2022. According to the monthly report from the Department of Statistics on Foreign Trade, issued Monday, national exports decreased by 1.1% in 2023, totaling JD 8.272 billion compared to JD 8.366 billion in 2022. Imports to the Kingdom also decreased by 6% last year, reaching JD 18.259 billion compared to JD 19.428 billion in 2022. Re-exports amounted to JD 667 million in 2023, marking a 5.8% decline from JD 708 million in 2022. The export-to-import ratio improved to 49% in 2023 from 47% in 2022, showing a 2-percentage-point enhancement. Total exports in December 2023 stood at JD 717 million, up by 2.3% compared to the same month in 2022. Meanwhile, national exports in December 2023 reached JD 666 million, reflecting a 4.4% increase compared to December 202 2. Re-exports amounted to JD 51 million in December 2023, marking a 19% decrease from December 2022. Imports in December 2023 amounted to JD 1.307 billion, a 7.6% decrease compared to December 2022. The trade balance deficit in December 2023 decreased by 17.3%, reaching JD 590 million compared to December 2022. The export-to-import ratio in December 2023 improved to 55%, up from 50% in December 2022, indicating a 5-percentage-point increase. Source: Jordan News Agency