In a significant development, Jordan’s exports to the Greater Arab Free Trade Area (GAFTA) have surged during the first third of 2024. The Kingdom’s trade performance saw exports reaching JD934 million, marking a notable increase from JD812 million during the same period in 2023. Let’s explore the details:
GAFTA Dominance
- Trade Momentum: Jordan’s national exports to GAFTA countries experienced a remarkable 15% growth. This surge was driven by robust export figures to key partners within the region.
- Saudi Arabia’s Role: Notably, exports to Saudi Arabia alone accounted for JD274 million, underscoring the significance of this trading relationship.
Other Trade Highlights
- NAFTA Region: Jordan’s exports to the North American Free Trade Agreement (NAFTA) region also witnessed positive momentum. The total value rose by 6.3% to JD677 million, up from JD637 million in the previous year. The United States played a pivotal role, with exports amounting to JD656 million.
- EU Trade: Trade with the European Union (EU) experienced substantial growth, with exports surging by 30.2% to JD125 million in the first four months of 2024. This increase was largely driven by exports to The Netherlands, totaling JD33 million.
- Asian Decline: In contrast, exports to non-Arab Asian countries declined sharply by 39.4%, dropping to JD500 million from JD825 million during the same period last year. Reduced exports to India significantly contributed to this decline.
- Other Blocs: Exports to other economic blocs decreased by 19.2%, reaching JD252 million. The decline was primarily due to reduced exports to the free zone, which totaled JD114 million.
Jordan’s strategic trade diversification efforts continue to shape its economic landscape, with GAFTA playing a pivotal role in the Kingdom’s export growth.
