Trade Balance Shows Improvement in January, Drops by 33.7pct

Amman: The trade balance deficit, reflecting the variance between total exports and imports, saw a 33.7% reduction in January, amounting to JD668 million, down from JD1008 million in January 2023. As per the monthly foreign trade report by the Department of Statistics, January 2024 witnessed a 2.7% increase in total exports, totaling JD650 million compared to the same period in 2023. National exports rose by 1.2%, reaching JD593 million, while re-exports surged by 21.3%, hitting JD57 million. Imports saw a 19.7% decline, registering JD1.318 million during the same time frame. The report highlights that the coverage ratio of total exports to imports stood at 49% in January 2024, showing a 10 percentage point enhancement compared to January 2023. Regarding exported goods, clothing, fertilizers, and pharmaceutical preparations witnessed growth, whereas raw phosphate, precious jewelry, and raw potash declined. In terms of imports, the decrease was attributed to crude oil and derivatives, machine tools, and e lectrical tools, while imports of vehicles, bicycles, jewelry, precious jewelry, and pharmaceutical preparations increased. Source: Jordan News Agency