Latest news with #GreaterArabFreeTradeArea
Jordan News
27-07-2025
- Business
- Jordan News
National Exports Grow by 9.2% in First Five Months of 2025 - Jordan News
National Exports Grow by 9.2% in First Five Months of 2025 Jordan's national exports rose by 9.2% during the first five months of 2025, while re-exports increased by 2.3%, compared to the same period in 2024, according to the monthly foreign trade report released by the Department of Statistics. اضافة اعلان The report indicated that total exports rose by 8.5% during the same period. This growth occurred alongside an 8.6% increase in imports, resulting in an 8.6% rise in the trade deficit during the first five months of 2025 compared to the same period in 2024. The total export value during this period reached 3.938 billion Jordanian dinars, with 3.578 billion dinars from national exports and 360 million dinars from re-exports. Meanwhile, imports totaled 8.135 billion dinars. As a result, the trade deficit (the difference between total exports and imports) reached 4.197 billion dinars in the first five months of 2025, up from 3.865 billion dinars during the same period in 2024. In May 2025 alone, total exports amounted to 901 million dinars, including 826 million dinars in national exports and 75 million dinars in re-exports. Imports for the same month stood at 1.581 billion dinars, resulting in a trade deficit of 680 million dinars for May. Compared to May 2024, total exports increased by 2.4%, with national exports rising 4.8%. However, re-exports fell by 18.5%, and imports decreased by 5.6%, leading to a 14.5% reduction in the trade deficit for the month. Export Coverage Ratio The export-to-import coverage ratio stood at 48% for the first five months of 2025—the same as in the same period in 2024. For May alone, the coverage ratio rose to 57%, up from 53% in May 2024—an improvement of 4 percentage points. Sectors Driving Export Growth The increase in national exports was primarily driven by sectors such as: Apparel and related accessories Nitrogen or chemical fertilizers Pharmaceutical preparations Raw potash These gains helped offset declines in: Precious jewelry Raw phosphate On the imports side, increases were recorded in: Precious jewelry Machinery and mechanical tools Electrical equipment Grains However, decreases in crude oil and derivatives and vehicles and motorcycles helped curb the overall rise in imports. Key Trade Partners Jordan's national exports rose to several key regions and countries, including: Greater Arab Free Trade Area countries (notably Saudi Arabia) North American Free Trade Agreement (NAFTA) countries, including the United States Non-Arab Asian countries, such as India European Union countries, including Italy Imports also increased from the same regions and partners, particularly: Saudi Arabia The United States China Italy This data reflects broader trends in Jordan's trade landscape and underscores the country's growing engagement with key global and regional markets.
Jordan News
06-07-2025
- Business
- Jordan News
Jordan Records Trade Surplus with 10 Arab Countries - Jordan News
Jordan Records Trade Surplus with 10 Arab Countries Jordan recorded a trade surplus with 10 countries within the Greater Arab Free Trade Area (GAFTA) during the first third of this year, as part of ongoing efforts to strengthen its presence in Arab markets. اضافة اعلان This positive outcome reflects the goals of the Economic Modernization Vision and serves as an indicator of the growth and competitiveness of Jordanian exports in Arab markets, along with the expansion of the Kingdom's network of trade partners in the region. According to figures compiled by the Jordan News Agency (Petra), based on foreign trade data issued by the Department of Statistics, Jordanian national exports to GAFTA countries grew by 19.6% during the first third of this year, reaching a value of JD 1.117 billion, compared to JD 934 million during the same period last year. Meanwhile, Jordan's imports from GAFTA countries amounted to JD 1.822 billion in the first third of this year, up 15.7% from JD 1.575 billion in the same period of the previous year. Based on statistical data, GAFTA countries ranked first among Jordan's trade partners during the first third of the year, accounting for 40.6% of the total value of national exports. However, the trade balance between Jordan and GAFTA countries recorded a deficit of JD 705 million during the same period, compared to JD 641 million in the same period last year. The total trade volume between Jordan and GAFTA countries reached JD 2.94 billion in the first third of this year, compared to JD 2.5 billion in the same period last year. Jordan recorded a trade surplus with the following GAFTA countries during the first third of 2024: Iraq, Lebanon, Kuwait, Syria, Palestine, Algeria, Bahrain, Yemen, Libya, and Morocco. On the other hand, the Kingdom registered a trade deficit with Saudi Arabia, the United Arab Emirates, Egypt, Qatar, Oman, Tunisia, and Sudan. Saudi Arabia accounted for the largest share of Jordanian exports to GAFTA countries, reaching approximately JD 338 million, an increase of 23.4%, followed by Iraq with JD 273 million, up 17.7%. Exports to Syria witnessed a significant rise, reaching JD 72 million—a remarkable 453.8% increase. At the same time, Saudi Arabia topped the list of countries from which Jordan imports, with imports valued at JD 993 million. As a result, Jordan's trade deficit with Saudi Arabia alone amounted to around JD 655 million during the first third of this year. Jordan's exports to GAFTA countries primarily include fertilizers, pharmaceuticals, agricultural products such as fresh and frozen fruits and vegetables, salts, skincare products, processed foods, furniture, textiles, garments, and paints. Jordan's imports from GAFTA countries include crude oil and its derivatives, jewelry, food products, plastic sheets and panels, titanium oxide, polyethylene and polystyrene, iron and its products, among other goods. The Greater Arab Free Trade Area is an economic alliance among Arab countries aimed at enhancing economic integration and facilitating low-tariff trade. It officially came into effect in January 2005 and currently includes 18 member states. — (Petra)
Ammon
06-07-2025
- Business
- Ammon
Jordan records trade surplus with 10 Arab countries
Ammon News - Jordan posted a trade surplus with ten Arab countries during the first third of 2025, driven by a notable increase in national exports and the continued expansion of regional trade partnerships, according to official trade data. Figures from the Department of Statistics show that Jordan's exports to countries within the Greater Arab Free Trade Area (GAFTA) grew by 19.6% year-on-year, reaching JD1.117 billion, up from JD934 million in the same period of 2024. Imports from GAFTA members also rose, increasing by 15.7% to JD1.822 billion compared to JD1.575 billion last year. The total trade volume between Jordan and the bloc reached JD2.94 billion, up from JD2.5 billion. Despite an overall trade deficit with GAFTA countries amounting to JD705 million, an increase from JD641 million last year, Jordan achieved a trade surplus with ten countries: Iraq, Lebanon, Kuwait, Syria, Palestine, Algeria, Bahrain, Yemen, Libya, and Morocco. In contrast, trade deficits were recorded with Saudi Arabia, the UAE, Egypt, Qatar, Oman, Tunisia, and Sudan. Arab markets accounted for the largest share of Jordan's export destinations during the period, representing 40.6% of total national exports. Saudi Arabia remained Jordan's top export market within the bloc, receiving JD338 million worth of goods, a 23.4% rise from the same period last year. Iraq followed with JD273 million in exports, up 17.7%. Exports to Syria showed the sharpest growth, soaring by 453.8% to JD72 million. Saudi Arabia also continued to be Jordan's largest source of imports, with inbound goods valued at JD993 million. This contributed to a trade deficit of approximately JD655 million with the Kingdom during the period. Jordan's main exports to Arab countries included fertilizers, pharmaceuticals, fresh and frozen fruits and vegetables, salts, skincare products, processed foods, furniture, textiles, clothing, and paints. On the import side, key products included crude oil and petroleum derivatives, jewelry, food items, plastic sheets and panels, titanium dioxide, polyethylene, polystyrene, iron, and related goods. The Greater Arab Free Trade Area, which came into effect in January 2005, is a regional economic alliance among 18 Arab countries aimed at boosting trade and economic integration through reduced tariffs and simplified customs procedures. Officials say the growing trade with Arab partners aligns with the objectives of Jordan's Economic Modernization Vision, which targets stronger regional integration, export growth, and diversification of trade partnerships. Petra
See - Sada Elbalad
23-06-2025
- Business
- See - Sada Elbalad
Arab League Holds Workshop on Liberalisation of Financial Services Sector
Mohamed Mandour As part of its commitment to keeping pace with international trade developments that contribute to advancing Arab economic integration within the framework of the Greater Arab Free Trade Area (GAFTA), the General Secretariat of the League of Arab States is organising a workshop on "Liberalisation of the Financial Services Sector and Opportunities to Benefit from the Agreement on the Liberalisation of Trade in Services among Arab Countries," from 22 to 25 June in the Kingdom of Bahrain. The workshop is being held in cooperation and coordination with the Ministry of Industry and Commerce of the Kingdom of Bahrain and forms part of ongoing collaboration with the International Islamic Trade Finance Corporation (ITFC) under the second phase of the Aid for Trade Initiative for Arab States (AFTIAS 2.0), specifically the project entitled "Supporting the Advancement of the Arab Economic Integration System." His Excellency Ambassador Dr. Ali bin Ibrahim Al-Maliki, Assistant Secretary-General and head of the Economic Affairs Sector, stated that the workshop aligns with the General Secretariat's vision of enhancing Arab coordination and cooperation across all service sectors that support an improved business climate and foster a more integrated and competitive regional economic environment. He said that liberalising this strategic sector would unlock new opportunities for joint Arab investment and significantly contribute to the development goals of member states. The Agreement on the Liberalisation of Trade in Services, which entered into force on 14 October 2019, marks a pivotal step in this direction. Ambassador Al-Maliki underscored the need for concerted efforts to activate and effectively implement the agreement's provisions in a sustainable and impactful manner. The workshop aims to provide policymakers from Arab countries with insights into the development of the financial and insurance sectors across the region, as well as highlight best national legislative practices in these fields. It also showcases the contributions of international and regional organisations to the modernisation of these sectors and examine how Arab trade agreements can be leveraged to enhance the business environment, thereby improving performance indicators and aligning with global trends. Officials and experts from Arab countries that are members of the Greater Arab Free Trade Area will participate in the workshop to exchange knowledge and experiences, explore best practices, and strengthen collaboration in the financial services sector, with the objective of maximising the benefits of regional integration efforts. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean
Observer
17-05-2025
- Business
- Observer
Arab Economic Summit discusses food security
BAGHDAD: HH Sayyid Shihab bin Tarik al Said, Deputy Prime Minister for Defence Affairs, headed the Sultanate of Oman's delegation to the Fifth Arab Economic and Social Development Summit, which began on Saturday in the Iraqi capital, Baghdad with the participation of a number of heads of states and governments. The summit discussed the Arab food security file, developments in the Greater Arab Free Trade Area (GAFTA) and the completion of requirements for establishing the Arab Customs Union. The summit also discussed the executive plan for the Arab Water Security Strategy in the Arab region to address future challenges and requirements for sustainable development. The summit also reviewed the strategic framework and executive action plan for the Regional Programme for the Economic and Social Empowerment of Arab Women, among other issues. The Sultanate of Oman's delegation accompanying HH Sayyid Shihab comprises: Sayyid Badr bin Hamad al Busaidy, Foreign Minister; Dr Abdullah bin Mohammed al Saeedi, Minister of Justice and Legal Affairs; Dr Said bin Mohammed al Saqri, Minister of Economy; Abdullah bin Nassir al Rahbi, Ambassador of the Sultanate of Oman to Egypt and its Permanent Representative to the Arab League and the Charge D'affaires of Oman's Embassy in Iraq. — ONA
