Arab region accounts for over 46 per cent of Jordan’s trade volume – minister

AMMAN — Minister of Industry, Trade and Supply Yousef Shamali said recently that the Arab region accounted for over 46 per cent of Jordan’s trade volume, making it the Kingdom’s principal trading partner.

Speaking at the Government Communication Forum, an event organised by the Ministry of Government Communication, Shamali highlighted several initiatives that the ministry has embarked on as part of the Economic Modernisation Vision, including the industrial development and support programme, which is designed to unlock Jordan’s trade potential.

Shamali also said that Saudi Arabia is Jordan’s top trading partner, with the volume of national exports to Saudi markets surpassing JD1 billion. He also said that the Aqaba port handles approximately 36,000 to 38,000 shipping containers per month, adding that in January 2024 around 22,332 containers were handled, a figure that signifies the stabilisation of Jordan’s situation amidst challenging circumstances.

The minister also said that the government has taken proactive measures to mitigate the impact of high inflation rates and the surge in goods prices, due to the ongoing war in Gaza and the Red Sea crisis.

Among the key measures taken by the government, according to Shamali, is the estimation of container tariffs irrespective of their origin, based on the pricing prior to October 7 adding that the government has also paved the way for the private sector to store their goods in government-owned warehouses at preferential prices.

The ministerial meeting also discussed issues of food security, strategic stock of commodities and the ongoing governmental measures aimed at reducing the private sector’s vulnerability to the impacts of rising freight costs.