National exports drop by 22.8% in early 2024 — DoS

AMMAN — The value of national exports in the first two months of 2024 reached JD1.106 billion, compared with JD1.433 billion for the same period last year, marking a decrease of 22.8 per cent. 

According to the monthly report of the Department of Statistics (DoS) on foreign trade in Jordan, the total value of exports until the end of February of this year totalled JD1.223 billion, compared with JD1.525 billion for the same period last year, marking a 19.8 per cent decrease, the Jordan News Agency, Petra, reported. 

The Kingdom’s imports until the end of February 2024 also saw a decrease, falling by 5.6 per cent to JD2.840 billion from JD3.010 billion in the same period of 2023. However, the value of reexports increased by 27.2 per cent, reaching JD117 million compared with JD92 million in the first two months of 2023.

The trade deficit of the Kingdom, representing the difference between the value of imports and total exports, rose by 8.9 per cent to about JD1.617 billion until the end of February 2024, compared with JD1.485 billion for the same period last year.

The coverage of total exports to imports reached 43 per cent until the end of February 2024, marking a decrease of 8 percentage points from 51 per cent during the same period in 2023.

In terms of monthly trade, total exports in February 2024 amounted to JD573 million, including national exports of JD513 million and re-exports of JD60 million. Imports amounted to JD1.522 billion during February 2024, resulting in a trade deficit of JD949 million.

Total exports decreased by 35.8 per cent during February 2024 compared with the same month in 2023, with national exports decreasing by 39.4 per cent, while reexports increased by 33.3 per cent, and imports increased by 11.2 per cent, according to DoS.

The report also noted that the percentage of total exports to imports coverage was 38 per cent during February 2024, registering a drop of 27 percentage points from 65 per cent during the same month in 2023.