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Jordan: Arab countries account for 51% of exports and 34% of imports

Global Arab Network - - Rabih Serrai

Sunday, 15 August 2010 14:25

Jordan Arab countries account for 51% of exports and 34% imports

Jordan (Amman) - Jordan's exports to Arab countries accounted for 51.2 percent of total exports in the first 5 months of 2010 while imports from Arab countries reached 34 percent, reports PETRA.

According to Central Bank of Jordan CBJ figures, the United State was the second biggest market for Jordanian exports, accounting for 14.2 percent, while imports from the US formed 5.6 percent of the Kingdom's imports.

Meanwhile, the Kingdom's exports to EU countries stood at 4.5 percent of total exports, while imports amounted to 20.1 percent.

Exports to India hit 11.2 percent and Indonesia 2.8 percent while imports from China reached 10.2 percent and Japan 4.3 percent.

Jordan's economy is among the smallest in the Middle East, with insufficient supplies of water, oil, and other natural resources, underlying the government's heavy reliance on foreign assistance.
Other economic challenges for the government include chronic high rates of poverty, unemployment, inflation, and a large budget deficit.

Since assuming the throne in 1999, King Abdullah has implemented significant economic reforms, such as opening the trade regime, privatising state-owned companies, and eliminating most fuel subsidies, which in the past few years have spurred economic growth by attracting foreign investment and creating some jobs.

The global economic slowdown, however, has depressed Jordan's GDP growth while foreign assistance to the government in 2009 plummeted, hampering the government's efforts to reign in the large budget deficit.

Export-oriented sectors such as manufacturing, mining, and the transport of re-exports have been hit the hardest.

Amman is considering sweeping tax cuts to attract foreign investment and stimulate domestic growth, and the government has guaranteed bank deposits through 2010.

Jordan's financial sector has been relatively isolated from the international financial crisis because of its limited exposure to overseas capital markets.

Jordan is currently exploring nuclear power generation to forestall energy shortfalls.

Global Arab Network

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Last Updated on Sunday, 15 August 2010 14:30

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