Jordan’s GAFTA trade balance deficit reached JD2.8b in Jan-Oct 2022

AMMAN — The Kingdom’s trade balance deficit with Greater Arab Free Trade Area (GAFTA) countries reached JD2.8 billion in the first 10 months of 2022, compared with JD1.6 billion for the same period in 2021, the Department of Statistics (DoS) announced on Saturday.

According to foreign trade data from the DoS, the value of national exports to GAFTA countries increased by 19.6 per cent from January through October 2022 to reach approximately JD2.225 billion, compared with JD1.861 billion during the same period in 2021, the Jordan News Agency, Petra, reported.

Meanwhile, the value of the Kingdom's imports from GAFTA countries rose by 44.8 per cent to JD5.002 billion in the first 10 months of 2022, compared with the same period in 2021, which amounted to around JD3.454 billion, the DoS figures showed.

Jordan's trade balance achieved a surplus in its trade balance with Iraq, Syria, Qatar, Oman, Yemen, Kuwait, Libya, Palestine and Sudan, while Jordan's trade balance recorded a deficit with Saudi Arabia, Bahrain, the UAE, Egypt, Lebanon, Tunisia, Algeria and Morocco.

According to the DoS figures, Saudi Arabia topped the list of Jordan's exports to GAFTA countries in the first 10 months of 2022, amounting to about JD699 million.

Saudi Arabia was also the top exporter to Jordan, amounting to JD2.487 billion in the January through October period of 2022. Thus, the trade balance deficit with Saudi Arabia reached about JD1.8 billion during the first 10 months of 2022.

Deputy President of the Jordan Chamber of Commerce (JCC) Jamal Rifai told Petra that the deficit can mainly be attributed to the costs of exporting oil and fuel derivatives, which tips the balance of trade in favour of other countries, and requires reconsidering the Kingdom's commercial ties with such countries. 

Rifai said that the top Jordanian exports to GAFTA countries include fresh fruits and vegetables, fertilisers, medicines, paints, skin care materials, chocolate, furniture and chemicals.