Saudi Gazette report
AMMAN — The Jordan Chamber of Commerce is hosting the activities of the Saudi-Jordanian Joint Business Forum, which is being organized in cooperation with the Federation of Saudi Chambers and Saudi Export Development Authority, in Amman on Monday.
Speaking at the event, Jordanian Minister of Trade, Industry and Supply Eng. Yarub Al-Qudah stressed the importance of partnerships and economic integration between Jordan and Saudi Arabia targeting new markets other than those of the two countries, in light of the availability of great opportunities in the region and the world.
He explained that access to foreign markets, especially Africa, requires joint work and the establishment of complementary partnerships to benefit from the opportunities available there. With a growth rate reaching 8 percent, Central and East African markets are considered among the fastest growing in the world, he added.
Dr. Hamdan Al-Samreen, head of the Saudi side attending the forum, said: “We look forward to the forum enhancing cooperation in vital sectors such as energy and mining, iron and steel industries, logistics services, food security, chemical industries, education and information technology”.
The volume of trade exchange between Saudi Arabia and Jordan increased to 15.3 billion Jordanian dinars (about US$21.56 billion, SR80.87 billion) over the five years (2019-2023).
According to data from the Amman Chamber of Commerce, Jordan's exports to Saudi Arabia during the same period amounted to $5.19 billion, compared to imports worth $16.35 billion.
Jordanian exports to Saudi Arabia rose during the first 11 months of 2024 to $1.45 billion, compared to $1,282.59 million for the same period in 2023, according to the Jordanian News Agency Petra.
Jordan's imports from the Saudi market during 11 months of last year amounted to $3.81 billion, compared to $3.24 billion for the same period in 2023.
Jordan's most important imports from Saudi Arabia were mineral products, petroleum, industrial chemicals or related products, and food products, including sugar and sugar derivatives.
Jordan's exports to Saudi Arabia were industrial chemicals or related products, medicines, live animals, including sheep, fresh or preserved non-frozen fruit and vegetables, and base metals and their products.
According to the export potential map data issued by the International Trade Center, there are untapped export opportunities from Jordan to Saudi Arabia at a rate of 43%, where live sheep come in first place with an export gap of $206 million. Bromides and bromine oxides from the chemical industries sector has an export gap of $39 million. Meanwhile, medicines including antibiotics, have an export gap of about $8 million, reflecting the potential to enhance pharmaceutical exports to Saudi Arabia.
