Greater Arab Free Trade Area countries top Jordan's export list 2023

AMMAN — Countries in the Greater Arab Free Trade Area (GAFTA) topped the list of recipients of Jordan's exports during the first eight months of 2023, accounting for 18.9 per cent, the Department of Statistics (DoS) announced on Sunday.

According to foreign trade data issued by DoS, the value of national exports to GAFTA countries increased during the first eight months of this year to JD 2.030 billion, compared with JD1. 708 billion in the same period of 2022, the Jordan News Agency, Petra, reported.

The Kingdom's imports from GAFTA went down by 22.6 per cent, reaching roughly JD 3.109 billion, against JD 4.019 billion in the first eight months of 2022.

According to DoS' figures, Jordan's trade deficit with the GAFTA countries decreased to approximately JD1.079 billion by the end of August this year, compared with around JD2.311 billion in the same period last year. 

The total trade volume between Jordan and the GAFTA countries reached around JD5.139 billion by the end of August 2023, compared with JD5.727 billion in the corresponding period last year. 

Saudi Arabia accounted for the vast majority of Jordan's total exports to the GAFTA countries in the said period, reaching about JD667 million with an increase of 22.4 per cent compared with JD545 million in the same period last year, followed by Iraq with JD374 million, the United Arab Emirates with approximately JD225 million and Palestine with JD169 million.

Saudi Arabia also topped the list of countries from which Jordan imports, with imports worth JD1.714 billion, compared to JD2.071 billion in the same period last year. This shows a 17.2-per cent drop. The United Arab Emirates followed with around JD642 million, Petra added.

The GAFTA, an economic alliance between Arab countries for economic integration and low-tariff trade, came into force in January 2005.

 A total of 18 Arab countries are currently members of this trade area.