Trade deficit shrinks by 10 per cent in 2023 — DoS

AMMAN — The Department of Statistics (DoS) reported on Monday a 10 per cent decrease in the nation’s trade balance deficit for the year 2023, bringing it down to JD9.320 billion from JD10.354 billion in 2022.

The report also said that the total value of the Kingdom’s exports saw a slight decline of 1.5 per cent in 2023, amounting to JD8.939 billion, compared with JD9.074 billion in 2022. The value of national exports also dipped by 1.1 per cent, reaching JD8.272 billion in 2023, down from JD8.366 billion in 2022, according to the Jordan News Agency, Petra.

The value of the Kingdom’s imports in 2023 witnessed a 6 per cent decrease, with the total import value standing at JD18.259 billion, as opposed to JD19.428 billion in 2022. The value of re-exports also experienced a drop of 5.8 per cent, settling at JD667 million in 2023, compared with JD708 million in 2022, the DoS added.

The Kingdom’s total exports as a percentage of trade improved by 2 percentage points in 2023, reaching 49 per cent, up from 47 per cent in 2022.

The department also reported that the total value of exports in December amounted to JD717 million, an increase of 2.3 per cent, compared with December 2022. As for imports, their value amounted to JD1.307 billion in December, a decrease of 7.6 per cent, compared with the same month in 2022.

It also said that the value of re-exports in December amounted to JD51 million, a decrease of 19 per cent, compared with the same month of 2022, Petra reported.

The trade balance deficit in December decreased by 17.3 per cent, reaching JD590 million, compared with the same month in 2022, according to the report.