Lebanon’s Trade Deficit broadened 9.66% by August 2016

According to the Lebanese Customs, Lebanon’s trade deficit widened by 9.66% from $9.80B by August 2015 to $10.74B by August 2016. Exports increased by a yearly 3.10% to $2.05B, while imports added 8.55% y-o-y to $12.79B. in terms of volume, imported volume of goods added 23.05% to 12.50M tons by August 2016, meanwhile the volume of exports dropped 20.25% to 1.09M tons.

Looking at imports, mineral products (22.29% of total import value) saw rising value and volume, noting that oil prices averaged lower in Jan-August 2016, when compared to the previous year. In details, imports of mineral products increased 44.13% y-o-y, in terms of volume, to reach 6.48M tons by August 2016. Accordingly, value of total imported mineral products increased 42.78% y-o-y to $2.85B. Moreover, products of the chemical or allied industries, which grasped 10.70% of the total value of imported goods increased by a yearly 4.19% to $1.37B. As for machinery and electrical instruments, they grasped a share of 9.79% of the total value and fell by 8.55% from 2015 to stand at $1.25B by August 2016.

The top countries Lebanon imported from during the first eight months of the year were China, Italy, USA, Germany, and Greece with respective shares of 11.08%, 7.48%, 6.70%, 5.91% and 4.96% of the total value.

As for exports and with gold prices inching up this year and given the strength of the Lebanese jewelry sector, “pearls, precious stones and metals” products maintained the highest shareof exported goods (27.32%)  and increased by 88.71% y-o-y to $560.56M. As for prepared foodstuffs, beverages and tobacco, they comprised 14.51% of exported goods’ value amounting to $297.73M by August 2016, compared to $325.15M by August 2015. Moreover, exports of machinery and electrical instruments, that take up to 11.71% of the total exports, fell by 15.62% y-o-y to $240.35M by August 2016.

The top export destinations for the same period were South Africa, Saudi Arabia, United Arab Emirates, Syria and Iraq with respective shares of 22.26%, 9.43%, 8.31%, 5.89% and 5.59% of the total value.

Trade Deficit by August 2016 (in $B)

Lebanon’s Trade Deficit broadened 9.66%  by August 2016

Source: Lebanese Customs

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