Arab Free Trade Zone Dominates National Export Share
Date
9/29/2024 2:07:02 PM
(MENAFN- Jordan News Agency)
Amman, Sept. 29 (Petra) -- Countries within the Arab Free Trade Zone claimed the largest share of Jordan's national exports among trade partners and economic blocs by the end of July 2024, according to official figures.
Data from the Jordan News Agency (Petra) revealed that Jordan's national exports to Arab Free Trade Zone countries reached approximately JD 1.943 billion by the end of July this year, reflecting a 12.4% increase compared to JD 1.729 billion during the same period in 2023. This growth was primarily driven by a surge in exports to Saudi Arabia, which totaled JD 632 million.
In contrast, exports to the North American Free Trade Agreement (NAFTA) bloc grew by 13.9%, reaching JD 1.340 billion by the end of July, compared to JD 1.176 billion during the same period last year. This increase was largely attributed to the rise in Jordanian exports to the United States, which alone accounted for JD 1.293 billion.
The report further indicated that national exports to European Union countries saw a modest growth of 1.2%, amounting to JD 250 million by the end of July, compared to JD 247 million in the same period last year. This increase was led by higher exports to the Netherlands, which reached JD 52 million.
However, national exports to non-Arab Asian countries experienced a significant decline of 25.8%, falling to JD 933 million by the end of July from JD 1.257 billion in the previous year. The decrease was largely due to a sharp drop in exports to India, which totaled JD 510 million.
Meanwhile, national exports to other economic blocs fell by 18.7%, totaling JD 391 million by the end of July, down from JD 481 million during the same period in 2023. This decline was driven by a reduction in exports to the free zone, which stood at JD 148 million.
The report highlights the mixed performance of Jordan's national exports across various economic partners, with notable growth in trade with the Arab region and North America, while facing challenges in key Asian markets.
MENAFN29092024000117011021ID1108727232
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.