Ammon News - The Kingdom’s trade deficit decreased in 2020 by 16.5 per cent compared with the year before, the Jordan News Agency, Petra, reported, citing a foreign trade report issued on Tuesday by the Ministry of Industry, Trade and Supply.

According to the foreign trade report, there has been a slight increase in the percentage of national exports during 2020 compared with the increase it witnessed during 2019.

The report pointed out that the repercussions of the COVID-19 crisis have affected the Jordanian economy, and it's effects are still continuing.

According to the report, the value of national exports during December 2020 witnessed a remarkable recovery, rising by 12.1 per cent compared with December 2019.

The report added that exports to the US, Saudi Arabia, India, the UAE and Algeria increased during December "due to the increase in exports of fertilisers by 334.2 per cent, livestock by 152.5 per cent, aluminium and related products by 50 per cent, and soap and copper products by 59.5 per cent.

It indicated that the pandemic has paved the path for developing local industry and diversifying exports.

The exports of jewellery have increased by 152.2 per cent, and fertilisers by 1.15 per cent compared with 2019, according to the report.

The United Nations Conference on Trade and Development (UNCTAD) said that the economic and social disruptions caused by the pandemic have greatly affected global trade during the last year, and the value of global trade decreased by about 9 per cent, where commodity trade decreased by about 6 per cent, and trade in services by some 16.5 per cent.

Expectations for the first quarter of 2021 indicate a slowdown in the recovery of trade of goods by 1.5 per cent, as well as a decline in services trade by 7 per cent compared with the fourth quarter of 2020 due to the continuing disruptions in the travel sector.