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Jordanian Exports See 5.5% Rise Driven by High Trade to Saudi Arabia

Transport trucks drive near containers at a Jordanian port (Getty Images)
Transport trucks drive near containers at a Jordanian port (Getty Images)
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Jordanian Exports See 5.5% Rise Driven by High Trade to Saudi Arabia

Transport trucks drive near containers at a Jordanian port (Getty Images)
Transport trucks drive near containers at a Jordanian port (Getty Images)

Jordan's Foreign Ministry revealed that the value of national exports to Greater Arab Free Trade Area (GAFTA) countries increased by 5.5 percent, reaching $888 million compared with the previous year's $842 million.

The increase was primarily driven by higher export volumes to the Saudi market, which amounted to approximately $288 million.

According to foreign trade data from the Department of Statistics (DoS), exports to the countries under the North American Free Trade Agreement (NAFTA) witnessed a growth of 11.2 percent, reaching around $589 million compared with the $540 million recorded during 2022. It was mainly attributed to expanded Jordanian exports to the US.

Jordanian exports to non-Arab Asian countries saw a 10 percent increase during the first quarter of this year, reaching approximately $868 million compared with $789 million achieved during the same period last year.

The value of Jordanian exports to European Union countries rose 28.3 percent, reaching approximately $114 million compared with the previous year's $88 million. Belgium emerged as the top European destination for Jordanian exports, accounting for nearly $25 million.

Jordanian exports to other economic blocs witnessed a 4.9 percent increase, totaling around $324 million compared with the previous year's $308 million. It was driven by higher export volumes to the free zone, which amounted to approximately $149 million.

The ministry stated that total Jordanian exports achieved a slight growth with various trading partners and economic blocs during the first quarter of this year, to record $2.78 billion, compared to $2.56 billion for the same period last year.

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Sanctions on Syrian Banks Choke Recovery Hopes, Investment Chief Says

A retired Syrian employee waits to receive their salary for the first time after the fall of Bashar al-Assad's regime, in Damascus, Syria, 06 February 2025. (EPA)
A retired Syrian employee waits to receive their salary for the first time after the fall of Bashar al-Assad's regime, in Damascus, Syria, 06 February 2025. (EPA)
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Sanctions on Syrian Banks Choke Recovery Hopes, Investment Chief Says

A retired Syrian employee waits to receive their salary for the first time after the fall of Bashar al-Assad's regime, in Damascus, Syria, 06 February 2025. (EPA)
A retired Syrian employee waits to receive their salary for the first time after the fall of Bashar al-Assad's regime, in Damascus, Syria, 06 February 2025. (EPA)

Western sanctions on Syria's banking sector are preventing critical investments in the war-ravaged economy despite huge interest from Syrian and foreign investors since the fall of Bashar al-Assad, the country's investment chief said.

"Sanctions have stopped everything. Right now, they are primarily on the Syrian people and are increasing their suffering," Ayman Hamawiye, the 36-year-old head of the Syrian Investment Agency, said in an interview at his office.

Hamawiye was appointed to the post by the Hayat Tahrir al-Sham after their lightning offensive that ousted former Syrian president Assad last year.

He previously ran Syrian crisis response projects and worked on economic policy with HTS' governing body in opposition-held Idlib province.

The Syrian Investment Agency was set up in 2007 to court investment as Assad sought to embark on reforms to liberalize an economy that ultimately remained heavily controlled by his family and a group of select businessmen.

Hamawiye said he was fielding dozens of requests per day from mostly Syrian, Turkish and Gulf Arab businesses, but also some Europeans, interested in projects ranging from building hospitals to establishing wind power and developing real estate.

"But they all say that it is difficult (to invest) given the banking sector remains under sanctions. You can't show up with millions of euros in your suitcase. That is not a way to do business in today's world," Hamawiye said.

The US in January issued a six-month waiver to its Syria sanctions, focused on the energy sector and financial transfers to Syrian governing authorities, but kept sanctions in place on the central bank, keeping Syria cut off from the international financial system.

The EU in late January also agreed on a roadmap to ease its wide-ranging Syria sanctions, which EU diplomats say may include lifting some measures in place on the banking sector, but details are still being worked out in Brussels.

"The steps taken so far on sanctions are inadequate," said Hamawiye.

"In my opinion, everyone has an interest in these transactions going through a banking system with oversight and transparency rather than through informal transfer networks," he said.