Trade Ministry launches national exports strategy for 2023-2025

AMMAN — The Ministry of Industry, Trade and Supply on Sunday launched the 2023-2025 national exports strategy, the Jordan News Agency, Petra, reported.

The strategy aims to increase Jordanian exports to various markets and derive maximum benefit from agreements signed between Jordan and a number of countries and economic blocs.

During the launch ceremony, Minister of Industry, Trade and Supply and Minister of Labour Yousef Shamali said that the strategy constitutes an important step to implement the Economic Modernisation Vision and bolster Jordan’s national economy. 

Shamali highlighted that national exports grew 34 per cent in 2022, indicating that the Jordanian economy has entered a stage of recovery following the COVID-19 pandemic. 

In cooperation and coordination with partners, the ministry prepared a draft of the 2023-2025 strategy that was approved by the steering committee and Cabinet. 

Focusing on national exports, Shamali attributed the increase in Jordan’s trade balance deficit to the import of raw materials and semi-finished products, adding that more than 16 per cent of imports are of crude oil and its derivatives, the value of which rose by about 55 per cent in 2022 compared with the previous year. 

Grain imports also increased by 50 per cent due to the increase in global grain prices, he added. 

By the end of March, the strategy’s executive plan will be finalised, he revealed, noting that the trade information platform will be launched this week as a vital tool for implementing the export strategy. 

As for the Industry Support Fund, Shamali said that 1,042 applications were received. Of this figure, 684 applications have provided the necessary documents, fulfilled all requirements and are now being processed.