AMF : Jordan commodity exports expected to reach $8.2bln in 2019 | Business | Ammon News

AMF : Jordan commodity exports expected to reach $8.2bln in 2019

[7/31/2019 6:38:33 AM]

AMMONNEWS - A report issued by the Arab Monetary Fund (AMF) predicted that commodity exports will top off at around $8.2 billion in 2019 — a 4.8 per cent increase from last year.

The growth comes in light of reopened border crossings with neighbouring countries, multiple trade agreements with Iraq and mitigation of EU restrictions on Jordanian exports that grant the Kingdom a reduction in conditions of origin.

Imports are also expected to increase by 2.2 per cent to around $18.6 billion in 2019 compared to last year’s $18.2 billion, according to the report.

However, the trade balance deficit is expected to remain at last year’s $10.4 billion as a result of previous developments in both exports and imports.

“Jordan is able to achieve significant revenue under the expected conditions and with increased trade with neighbouring countries like Iraq and Palestine,” economist Wajdi Makharmeh told The Jordan Times.

He added that the trade agreements should boost Jordanian exports.

Due to intensified tourism promotion, the income and service balance is expected to increase by 6.1 per cent to around $2.4 billion this year.

The report forecasted a rise in current account deficits to around $3.6 billion, representing some 1.8 per cent of the gross domestic product (GDP) in 2019.

The deficit is also expected to increase in 2020 to $3.8 billion, or 8.2 per cent of the GDP.

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