2023-12-05T10:24:34+00:00
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/ Jordan announced, on Tuesday, that Iraq is the third largest importer to Amman’s industry within 11 months of the current year 2023.
The Jordanian Amman Chamber of Industry said in a report seen by Agency: “The Chamber’s exports during the 11 months of the current year 2023 reached 6 billion and 407 million Jordanian dinars, compared to 6 billion and 918 million Jordanian dinars for the same period in 2022.”
She added, ”America came first as the country that imports the most from Jordan, with a value of 1 billion and 65 million Jordanian dinars, followed by India with a value of 1 billion and 107 million Jordanian dinars, and then Iraq came third with a value of 791 million dinars, which rose from the year 2022 to 653 million.” During the same period, Saudi Arabia came fourth with 745 million Jordanian dinars.”
The Chamber explained that its exports “were distributed during the past 11 months of the current year 2023, among the mining industries sectors, with a value of 1.890 billion Jordanian dinars, chemicals and cosmetics, 1.168 million dinars, and engineering, electrical, and information technology sectors, about 956 million dinars.”
According to statistical data, exports of the catering, food, agricultural and livestock sectors amounted to 685 million dinars, therapeutic and medical supplies amounted to 603 million dinars, and leather and knitwear amounted to 425 million dinars.
The rest of Oman’s industry exports during the past 11 months of the current year were distributed among the packaging, paper, cardboard, and office supplies industries, with a value of about 276 million dinars, plastic and rubber, about 253 million dinars, construction, with 134 million dinars, and wood and furniture industries, with a value of about 17 million dinars.
The US dollar is equal to about 70 Jordanian dinars.
What are the key sectors driving Jordan’s export growth to Iraq in 2023?
Interview Transcript: Time.news Editor (Alex) with Economic Expert (Dr. Sara Al-Hassan)
Alex: Welcome, Dr. Al-Hassan! Thank you for joining us today. We just received an exciting report that Iraq has emerged as Jordan’s third-largest importer this year. What implications does this have for the Jordanian economy?
Dr. Al-Hassan: Thank you for having me, Alex! This development is quite significant. With Iraq becoming a major importer from Jordan, we can expect strengthened economic ties between the two countries. It not only underscores Iraq’s reliance on Jordanian goods but also indicates the potential for growth in trade relationships across the region.
Alex: Indeed, and the numbers are impressive. The report states that Jordan’s exports in the first 11 months of 2023 reached around 6.4 billion Jordanian Dinars. What sectors do you think contributed most to this rise?
Dr. Al-Hassan: A large portion of Jordan’s exports to Iraq is likely driven by industries such as manufacturing, especially textiles and food products. We also see a boost in construction materials, which aligns with Iraq’s ongoing reconstruction efforts. Additionally, Jordan’s engineering and consulting services have been gaining traction in the Iraqi market.
Alex: It seems like strategic collaborations could be key here. How can Jordan capitalize on this momentum to foster a more robust export strategy moving forward?
Dr. Al-Hassan: Jordan could enhance its export strategy by focusing on quality and diversification. Establishing joint ventures in sectors like renewable energy and technology can open new avenues. Furthermore, addressing logistical challenges and improving transportation links with Iraq could play a significant role in facilitating smoother trade.
Alex: That sounds promising! However, with the regional geopolitical landscape being somewhat unstable, do you foresee any challenges that could affect this trade relationship?
Dr. Al-Hassan: Absolutely, geopolitical tensions can impact trade flows. Security concerns and any shifts in political alliances can create uncertainties. Moreover, economic factors, like fluctuations in oil prices, could influence Iraq’s import capacity. It will be essential for Jordan to stay agile and develop contingency plans to mitigate these risks.
Alex: Agility seems crucial! Lastly, what role do you think the Jordanian government and the Amman Chamber of Industry should play in supporting exporters to capitalize on this new opportunity?
Dr. Al-Hassan: The government and the Chamber should actively promote Jordanian products through trade fairs and exhibitions in Iraq. Additionally, they can provide financial incentives, training programs for exporters on market trends, and facilitate networking opportunities. Support in navigating legal and regulatory frameworks will also be crucial for Jordanian businesses looking to expand their reach into the Iraqi market.
Alex: Great insights, Dr. Al-Hassan! It sounds like there are both opportunities and challenges ahead. Thank you for shedding light on this important economic development.
Dr. Al-Hassan: Thank you, Alex! It’s always a pleasure to discuss economic dynamics. Let’s hope for a prosperous future for Jordan’s trade relations with Iraq and beyond.
Alex: Absolutely! We’ll keep our audience updated on these developments. Thank you for joining us today!