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Global demand slump, rising costs impact Jordan's economy — industrialist

By JT - Dec 16,2023 - Last updated at Dec 16,2023

AMMAN — Chairman of the Eastern Amman Investors Industrial Association (EAIIA) Iyad Abu Haltam on Saturday linked the decline in industrial production from January to November to reduced global demand for specific manufactured products, weakened purchasing power and increasing financing costs in both the global and local markets.

Citing official figures, he said that the overall index of industrial production volumes saw a decline of 2.52 per cent during the first ten months, reaching 90.54 points compared to 92.88 points the previous year.

According to the Department of Statistics' monthly report, the cumulative index of industrial production quantities by October decreased compared to the same period last year. This decline is attributed to a 3.35 per cent decrease in manufacturing sector production volumes, while extractive industries increased by 2.55 per cent, and electricity production rose by 3.02 per cent, according to Petra.

Haltam also emphasised the urgent need to review customs tariffs, which, he said, "has encouraged the growth of imported goods, especially consumer goods".

He added that non-customs administrative procedures and obstacles in certain countries have affected exports from Jordan, intensifying regional competition in industrial production.

 

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