Jordanian exports show resilience, growth amidst challenges

[05-06-2023 10:12 AM]

Ammon News - Jordanian exports have demonstrated resilience and overcome the challenges posed by the COVID-19 pandemic, showcasing a continuous upward trajectory since the beginning of this year.

During the first quarter of 2023, national exports experienced significant growth, surpassing 8.8% in comparison to the same period last year. This expansion was primarily driven by increased exports of industrial products.

National exports encompass both goods and services produced within the country and subsequently shipped to external destinations. They serve as a robust indicator of the strength of the industrial sector and the local economy.

Numerous goods and products spearheaded the growth of national exports in the first quarter of this year. Notably, fertilizers accounted for a value of JD358 million, garments and related items contributed JD298 million, raw potash reached approximately JD197 million, raw phosphates stood at JD142 million, chemicals amounted to JD132 million, and pharmaceutical stimulants accounted for JD104 million.

The industrial sector witnessed a remarkable growth rate of 9.3% during the first quarter of this year compared to the same period in the previous year, reaching a total of JD1.9 billion. These industrial exports constituted over 97% of the overall national exports.

This growth affirms the consistent positive performance of national exports, particularly within the industrial sector, even in the face of the COVID-19 crisis. It relies on available opportunities arising from global demand for fertilizers, food products, and other essential goods.

Jordan's objectives include achieving desired economic growth, reducing the trade deficit, generating employment opportunities, supporting foreign currency reserves, and encouraging business owners to expand their operations and attract further investments through export expansion.

Fathi Jaghbir, President of the Jordan Chamber of Industry and the Amman Chamber of Industry, highlighted the existing export potential in the country that is capable of achieving further growth, emphasizing the target of the industrial sector in doubling export value in the next decade with an annual growth rate exceeding 7%.

He stressed that maintaining the achieved growth in national exports during the first quarter of this year necessitates the removal of obstacles confronting the industry, including the lack of diversity in both the goods and geographical destinations of national exports.

"Despite Jordanian products reaching more than 142 countries, only 7 countries account for 70% of the total national exports. Furthermore, approximately 61% of the total national exports are represented by only 13 commodities," he added, stating that in spite of this evident weakness, there is around $4.4 billion worth of untapped export opportunities for Jordanian products across numerous goods and various countries worldwide.

He further added, "Industrial products possess the necessary quality and efficiency, but they lack adequate networking and support, particularly in technical aspects, to enhance their marketing and promotional capabilities and direct them effectively towards foreign markets. This should be accompanied by bolstering connections with global supply chains and implementing mechanisms and technologies for e-commerce."

Jaghbir underscored the importance of leveraging the kingdom's competitive advantages as a gateway to global markets by attracting high-quality investments focused on exports. These investments should be accompanied by an incentive system that bolsters value-added contributions to the national economy and generates more employment opportunities for the local workforce.

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