AMMAN —AlGhad— Jordan’s overall oil bill has increased by 32.9 per cent during the first two months of 2018, from JOD359.6 million in February 2017 to JOD477.8 million, according to the Department of Statistics monthly bulletin.
Jordan’s total exports increased by 4.5 per cent, comparatively, to JOD780 million.
Meanwhile, national exports have seen a very slight increase, by 0.1 per cent, to JOD647.8 million, compared to the same duration in 2017. Re-exportation, however, accounts for only JOD133 million of total exports, showing a significant 21.7 per cent decline.
Imports on the other hand stand at JOD2.33 billion, during the first two months of the year, up 3.9 per cent in comparison to the same duration last year.
As a result, the overall trade balance deficit has increased by 8.8 per cent so far into the year, to JOD1.55 billion.
Jordan’s exportations have seen a considerable decline since the northern and eastern borders with Syria and Iraq were closed off.
So far, the government has signed numerous trade agreements and MoUs to boost exportation and open new markets for Jordan’s exportation industry.
Whether these agreements have come to fruition remains unclear, economically speaking.