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Jordan's trade within GAFTA surge by 18.9 percent in 8 months

12 November 2023 22:20 (UTC+04:00)
Jordan's trade within GAFTA surge by 18.9 percent in 8 months

In a recent report released on Sunday by the Department of Statistics, Jordan showcased a notable surge in its national exports to countries within the Greater Arab Free Trade Area (GAFTA), Azernews reports, citing Petra News Agency.

The figures revealed a significant increase of 18.9 percent, rising to JD2.030 billion compared to the previous year's JD1.708 billion, marking the period until the end of August 2023.

Concurrently, the value of imports from the GAFTA declined by 22.6 percent, accounting for approximately JD3.109 billion compared to the prior year's JD4.019 billion for the same period.

This trade analysis further highlighted a decrease in the kingdom's trade deficit with GAFTA, reduced to approximately JD1.079 billion, down from about JD2.311 billion during the same period the previous year.

The total trade volume between Jordan and countries within the GAFTA until the end of August of the current year amounted to JD5.139 billion, a slight decrease from the JD5.727 billion recorded during the corresponding period of the previous year.

Notably, Saudi Arabia led as the primary destination for Jordan's exports to the GAFTA, reaching around JD667 million, indicating a 22.4 percent increase from the JD545 million reported during the same period last year. Following Saudi Arabia were Iraq with approximately JD374 million, the United Arab Emirates with around JD225 million, and Palestine with approximately JD169 million.

On the import side, Saudi Arabia remained the top source of imports for Jordan, with a recorded value of nearly JD1.714 billion, followed by the United Arab Emirates at around JD642 million, marking a decrease of 17.2 percent from the previous year's JD2.071 billion.

The Greater Arab Free Trade Area, established in January 2005, encompasses 18 Arab countries, aiming to facilitate economic integration and low-tariff trade among member states.

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