Trade volume between Kingdom, GAFTA in Q1 2024 reaches JD1.966 billion – report

AMMAN — The trade volume between Jordan and the Greater Arab Free Trade Area (GAFTA) in the first quarter of 2024 reached JD1.966 billion, compared with JD1.797 billion for the same period last year.

National exports to GAFTA countries in the first quarter of this year grew to JD693 million, compared with JD632 million for the same period last year, making GAFTA Jordan's top trade partner and economic bloc in terms of national exports, with an increase of 9.7 per cent, the Jordan News Agency, Petra, reported.

The Kingdom's imports from GAFTA countries also rose in the first three months of the year, reaching JD1.273 billion, compared with JD1.165 billion for the same period last year, marking an increase of 9.3 per cent.

According to statistical data gathered by Petra, the trade balance deficit of the Kingdom with GAFTA countries in the first quarter of 2024 stood at some JD580 million, compared with around JD533 million for the same period of the year before.

Iraq ranked first in terms of national exports to GAFTA in the January-March period of this year, reaching JD177 million, compared with JD109 million for the same period last year, marking an increase of 62.4 per cent. Saudi Arabia followed with JD197 million, and then the UAE with JD64 million.

Saudi Arabia topped the list of countries from which Jordan imports, with the Kingdom's imports from Saudi Arabia amounting to about JD729 million, compared with JD653 million for the same period last year, up by 11.6 per cent. The UAE followed with some JD195 million.

GAFTA is an economic alliance among Arab countries for economic integration and trade with low customs tariffs. GAFTA came into effect in January 2005 and has 18 Arab countries as member states.