Amman, Jan 10 (Petra) - The Jordan Chamber of Industry has issued a new report forecasting exports of industrial sub-sectors for the current year as a follow-up to its previously released industrial outlook report.
According to a statement issued by the chamber on Saturday, the report expects nine out of ten industrial sub-sectors to record growth in exports during the current year. It also projects overall industrial exports to grow by 7.5 percent, with an estimated value of around JD600 million, reflecting improved efficiency in production processes and enhanced competitiveness of national industry in local, regional and international markets.
The report noted that the forecasts were prepared based on three possible scenarios conservative, moderate and optimistic taking into account variations in economic performance paths depending on developments in local, regional and international conditions, levels of economic stability and movements in global markets.
Under the moderate scenario, the chamber expects the mining industries sector to record the highest export growth rate during the current year, at 23.1 percent, with an estimated increase of about JD246 million. This is followed by the food industries sector, with growth of 13.6 percent and an estimated increase of around JD120 million.
The report also expects the chemical industries and cosmetics sector to grow by 5.2 percent, with an estimated increase of about JD95 million, while the engineering industries sector is projected to record growth of 5.3 percent, with an estimated increase of around JD78 million.
It showed that the leather and garments industries sector is expected to achieve growth of 1.9 percent, with an estimated increase of about JD33 million, while the plastics and rubber industries sector is projected to record growth of 6.8 percent, with an estimated increase of around JD12 million.
As for sectors with modest growth, the report expects the packaging, paper and cardboard sector to grow by 4.4 percent, with an estimated increase of about JD6 million, followed by the construction industries sector, with growth of 2.5 percent and an estimated increase of around JD4 million.
Regarding the wood and furniture industries sector, the chamber expects its exports to decline by 8.8 percent, with an estimated decrease of about JD3 million. It noted, however, that the optimistic scenario anticipates the possibility of achieving growth of 1 percent if surrounding conditions for this sector improve, particularly in light of opportunities available through reconstruction projects in Syria, in addition to demand in the Saudi market, provided that the necessary capabilities are made available and technical and promotional support is offered.
The Jordan Chamber of Industry stressed that the projected performance of industrial exports could be achieved at higher growth rates if favorable regional economic conditions are in place, expansion into non-traditional markets continues, and implementation of industrial sector initiatives under the Economic Modernization Vision is accelerated, contributing to unlocking the full potential of national industry and strengthening its role in economic growth.
//Petra// AF
