According to the data issued by the Ministry of Industry, the total value of exports decreased by 12.83% y-o-y in Q1 2016 to reach $633.9M. This remarkable yearly drop in value can be mainly attributed to the lower oil prices in the beginning of the year, difficulties facing land exports, and lower consumption in some major markets due to economic and political reasons.
Compared to the same period last year, industrial imports rose by 4.4% from $63.2M to $67.7M in Q1 2016. Moreover, the average monthly imports during the first quarter of 2016 reach $211.3M versus $242.4M during Q1 2015. The main industrial exports in Q1 2016 were machinery and mechanical appliances, prepared foodstuffs, followed by products of the chemical industry and base metals that respectively value of $167.9M, $111.8M, $93.1M, and $64.5M. Products of the chemical industry and base metals imports decreased, from Q1 2015 to Q1 2016, by 25.81% and 14.80%, respectively.
In Q1 2016, the main importers of Lebanese products were the Arab countries, taking up to 56.7% of total exports. In details, Saudi Arabia was on top of the list with $89.1M (14.1% of total exports), followed by UAE and Iraq with total export values of $71.6M (11.3% of total exports) and $68M (8.9% of total exports), respectively.
Monthly Industrial Exports in Q1 2015 and Q1 2016
Source: Ministry of Industry