Four Economic Blocs Capture Majority Of Jordan's Exports
Date
10/28/2024 4:29:35 AM
(MENAFN- Jordan News Agency)
Amman, Oct. 28 (Petra) -- The national exports have been predominantly directed towards four key economic blocs, which collectively accounted for 92.4% of total export values from the beginning of the year until the end of August, amounting to JD 5.644 billion, according to recent data.
The primary trade blocs include the Greater Arab Free Trade Area (GAFTA) countries, the North American Free Trade Agreement (NAFTA) countries, non-Arab Asian countries, and the European Union (EU) member states.
In terms of contribution, GAFTA countries ranked highest, comprising 40.7% of Jordan's total national exports. Exports to GAFTA countries surged by 13.2% compared to the same period last year, reaching JD 2.297 billion by the end of August, up from JD 2.030 billion. This growth underscores the continued strength of trade ties within the Arab region, buoyed by agreements facilitating cross-border commerce.
NAFTA countries followed, capturing 27.6% of Jordan's exports. Exports to this bloc increased by 11.7% year-on-year, reaching JD 1.559 billion by August, compared to JD 1.396 billion over the same period in 2023. This increase highlights growing demand in North American markets for Jordanian goods, a trend attributed to robust economic partnerships and the longstanding trade agreement.
The bloc of non-Arab Asian countries ranked third, making up 19.1% of Jordan's export value for the period. Exports to these countries, however, recorded a decline of 23.1%, dropping to JD 1.081 billion from JD 1.406 billion in the same period last year. Despite this reduction, Asian countries remain a significant destination for Jordanian exports, particularly in sectors such as fertilizers and textiles.
Finally, the European Union accounted for 5% of Jordan's total exports by the end of August, valued at JD 282 million, marking a modest increase of 2.2% compared to JD 276 million in the corresponding period of the previous year. This slight growth reflects steady trade relations with European countries amid ongoing global economic fluctuations.
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