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Jordan’s Exports Increase by 1.9% in First Seven Months of 2024

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Jordan’s Exports Increase by 1.9% in First Seven Months of 2024

by Geraldine S.
09/26/2024
in Importing & Exporting

Jordan’s total exports reached JD5.366 billion in the first seven months of 2024, marking a 1.9% increase compared to JD5.268 billion during the same period in 2023, according to data from the Department of Statistics. National exports saw a slight decline of 0.7%, dropping to JD4.857 billion from JD4.890 billion year-on-year. In contrast, re-exports experienced a notable increase, rising 34.7% to JD509 million, compared to JD378 million in the same period last year.

Imports during this period rose by 0.8%, reaching JD10.742 billion, up from JD10.659 billion in 2023. As a result, Jordan’s trade deficit narrowed by 0.3%, decreasing to JD5.376 billion from JD5.391 billion. The report also highlighted an improvement in the export-to-import coverage ratio, which increased to 50% by the end of July 2024, up from 49% during the same period in 2023. This indicates a modest increase in the country’s ability to cover its imports with export revenues.

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For July 2024 alone, total exports amounted to JD922 million, with JD839 million attributed to national exports and JD83 million to re-exports. Imports for the month reached JD1.859 billion, resulting in a trade deficit of JD937 million. On a monthly basis, total exports in July 2024 surged by 18.5% compared to July 2023, with national exports up 17.2% and re-exports rising by 33.9%. Imports for the month increased by 14.3%, while the trade deficit widened by 10.4%. The export-to-import coverage ratio improved to 50%, up from 48% in July 2023.

Get top supply chain report news on The Supply Chain Report. For international trade insights and tools, visit ADAMftd.com.

#TradeNews #JordanEconomy #ExportUpdate #ImportStatistics #NewsUpdate

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