AMMAN — The Kingdom’s industrial exports in the first half of the year marked a growth rate of 23.1 per cent compared with the same period of 2020, President of the Jordan Chamber of Industry (JCI) Fathi Jaghbir said on Tuesday.
Jaghbir said that this is an “unprecedented” growth that has not been registered for many years, which highlights the impact of resuming industrial activities to their normal levels after the pandemic, according to a JCI statement.
He noted that the increase of the industrial production price index by 18.6 per cent over the first seven months of the year, compared with the same period of last year, highlights the improvement in the industrial sector’s performance.
The industrial sector is among the largest economic sectors in terms of direct contribution to the GDP, amounting to 24.7 per cent, and indirect contributions, amounting to 40 per cent to the GDP. The industrial sector additionally owns 93 per cent of the total national exports, which reach more than 142 countries.
The sector is also considered one of the largest sectors that attract direct investments. Industries accounted for 80 per cent of foreign investments in the country over the past decade and the investment volume in the sector reached some JD15 billion, added the statement.
It is also an important source of income for the Treasury through taxes and fees from production, which are annually estimated at JD1.5 billion. The sector also employs some 254,000 workers, constituting 21 per cent of the total workforce in the Kingdom, 80 per cent of whom are Jordanians.
Jaghbir said that the industrial sector has “big potential and opportunities” inside the local market, especially considering the national alternatives to exported items.
He said that the volume of the national market of goods is annually estimated at JD27 billion. However, the sector’s share of the market does not exceed 45 per cent, despite having exported items with a value of JD5 billion that have national alternatives.