Jordan Times
Tuesday, September 7, 2004
Surging imports broaden
deficit, lower exports' share of foreign trade in 7 months
AMMAN (JT) — Exports' share of foreign trade dropped to 33.5 per cent and the
trade deficit widened by 43.9 per cent despite a 34.2 per cent rise in foreign
trade during the first seven months of this year.
According to the latest figures issued by the Department of Statistics (DoS) on
Monday, the trade deficit widened to JD1,531.1 million at the end of last July
from JD1,063.8 million at the end of July 2003.
National exports and re-exports increased by 29.8 per cent, but due to a 36.5
per cent surge in imports, the export's share of foreign trade shrank by 1.1 per
cent from the 34.6 per cent recorded during the January-July period of last
year.
Even the volume of imports covered by exports dropped to 50.3 per cent during
the January-July period of 2004 from 52.9 per cent during the corresponding
period of 2003, according to the DoS figures.
The DoS figures showed the value of national exports reached JD1,283.6 million,
42.9 per cent higher than the JD898.3 million posted in the same period of 2003.
At 27.9 per cent or JD357.9 million, garments accounted for the largest portion
of the exports, followed by the pharmaceuticals which accounted for 7.8 per cent
or JD99.5 million.
Exports of fertilisers ranked third totalling JD94.2 million or 7.3 per cent
while the potash exports ranked fourth at 6.8 per cent for JD87 million.
The United States ranked first, receiving 28 per cent or JD359.3 million worth
of exports.
Iraq, the country's former major economic partner, ranked second at 17.4 per
cent or JD223.9 million, followed by India which received JD84.9 million for 6.6
per cent of the overall exports.
The US, Iraq and India together accounted for 52 per cent of the overall exports
volume, the DoS figures indicated.
Reexports dropped during the first seven months of 2004 by 10 per cent to
JD265.3 million compared to 294.7 million during the January-July period of
2003.
Imports climbed to JD3,080 million at the end of July 2004 from JD2,256.8
million at the end of July 2003.
Crude oil accounted for 14.1 per cent and, at JD434.9 million, topped the list
of imports.
The country's imports of machinery, equipment and spare parts ranked second at
7.4 per cent or JD227.4 million, followed by vehicles, motors and tractors and
spare parts for 7.1 per cent or JD217.5 million.
At 20.4 per cent or JD628.8 million, Saudi Arabia took the lion's share of the
country's overall imports while imports from China ranked second for 8.7 per
cent or JD267 million.
The US ranked third, followed by Germany, accounting for 6.5 per cent or JD199.9
million and 6.4 per cent or JD198.6 million respectively.