Trade balance deficit drops by 33.7% in January — DoS

AMMAN — The Kingdom's trade balance deficit in January dropped by 33.7 per cent compared with the same period in 2023, decreasing from JD 1,008 million to JD 668 million, the Department of Statistics (DoS) announced on Monday.

The value of the Kingdom’s total exports went up by 2.7 per cent in the first month of the year, reaching JD 650 million, compared with the corresponding period in 2023, the Jordan News Agency, Petra, reported, citing the DoS monthly report on foreign trade. 

In January, national exports increased by 1.2 per cent, reaching JD 593  million, while the value of re-exports stood at JD57 million, marking an increase of 21.3 per cent compared with the figures recorded during the same period in 2023, DoS figures showed.

The value of imports dropped by 19.7 per cent, reaching JD 1.318 million in the first month of 2023, the report added.

The report also showed that in January, the total export coverage ratio of imports stood at 49 per cent, compared with 39 per cent recorded in the same period of 2023.

The report also highlighted that exports of clothing and accessories, fertilisers, and pharmaceuticals showed an increase, while exports of raw phosphate, jewellery and raw potash experienced declines.

The data also indicated that decreases in import values were primarily attributed to crude oil and its derivatives, machinery, and electrical appliances. On the other hand, imports of vehicles, bicycles, jewellery, and pharmaceutical preparations saw an increase.

The trade balance is the difference between the value of exports and imports of goods and services.