Figure 12: Foreign Trade Developments ‘Total of Exports as Percentage of GDP Total of Exports and Imports ‘Total exports and Imports 1998-2013, $ billion “Total exports relative performance, % of GDP. 2013, j 1 £ SEEEE GEG QELEREG2 E02 Total part e-Folio Source:Department of Statistics Source: UNCTAD This has led to a widening trade balance deficit, amounting to about JD9906.9 million in 2013, a rise of nearly JD772.7 million compared to 2012. Our high and persistent trade deficit is one of the most important challenges facing our national financial position, Our trade deficit reached 41.5% in 2013 of GDP due to increased imports of oil and oil derivatives and sluggish growth in exports as a share of GDP due to declining relative competitiveness of the economy as a whole. As highlighted in the graph below, our exports are also highly concentrated in many sectors on one or two markets highlighting the need to further diversify both the product mix and destination for our exports. Figure 13: Export Ratio by Countries and Commodities Exports Mix by Main Export Partners and Product Groups, 2012 0 permease 100 ERAS Banc eon RECO sewer eee by Prat Export Outcomes ~ Export Concentration iii re ‘Note: Pract groups selected on the char represent 80 of Joan exports: Counties seleced represent 0 of ttl expt partes Source: UNCTAD sre